Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (February 6) – BNB Remains Indecisive Following Multiple Rejections: Calm Before The Storm

BNB remained under bearish correction as it continued to respect a six-week resistance line. Despite multiple rejections, it has managed to stay above an important mark level. A drop below it could lead to more correction.

Following a slight bearish close in January, BNB started this month with a consolidation as there are no significant movements so far. It appeared to be gathering momentum for the next move, which is yet uncertain right now. 

Considering the past weeks of drops, it may resume bearish in the next few days to confirm more correctional phase. But if the bulls show up, the price may increase and surge through several holding resistance levels in the past weeks. 

But currently, the bulls are finding it difficult to push through a crucial descending trendline, which has been serving as a dynamic resistance line for three weeks.

However, BNB has managed to stay above the important $300 mark level despite notable drops in volatility over the past week. A drop below last month’s low could position the market in a more bearish condition.

While the trading appeared stuck on the daily timeframe, we can expect a notable price movement as the volume level changes. Despite past weeks of correction, BNB’s price is still up by almost 50% in three months.

BNB Key Level To Watch

Source: Tradingview

If BNB breaks through this crucial resistance line, it may encounter minor resistance at $313 before advancing higher to the $321.7 and $338.3 levels. Above it lies the $350 resistance level.

The $290 level is currently the target support for the bears. If they claim it, the lower support levels for drops are $277 and $257.

Key Resistance Levels: $321.7, $338.3, $350

Key Support Levels: $290, $277, $257

  • Spot Price: $303
  • Trend: Bullish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ximagination/123RF // Image Effects by Colorcinch


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