Binance Coin Recovers As It Reaches An Intense Buy Zone

Mar 03, 2023 at 09:20 // Price
Coin Idol
Binance Coin could continue to range

Binance Coin (BNB), which has fallen to a low of $296, is in the bearish trend zone.

Binance Coin price long term forecast: bearish

The crypto asset has fallen from the $320 barrier region. The price of the cryptocurrency has moved below the moving average lines and may continue to fall until it reaches its previous low of $280. BNB has been trading in a range between $290 and $320 since the price drop on February 13. The altcoin will perform once this range is broken. During the past month, the resistance level of $320 was tested again, but without any result. However, most of the price fluctuations have taken place in the middle of the price range. The current support level has held, and there is strong buying pressure at a lower price level. The value of the cryptocurrency is $298.30 at the time of writing.

Binance Coin indicator display

The level of BNB Relative Strength Index for the period 14 is 43. The altcoin is in a bearish trend zone and could fall further. The price of BNB is below the moving average lines, indicating a probable decline. The 20% range of the daily stochastic is already below the value of the cryptocurrency. This could mean that the current slump has come to a grim end. Prices may rise as more buyers arrive.

BNBUSD(Daily Chart) - March 2.23.jpg

Technical indicators:

Key resistance levels - $600, $650, $700

Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin could continue to range as the altcoin drops into the lower price range. It is unlikely that the bears will be able to break the existing support as the buying pressure is very high at the current price levels. Moreover, the altcoin has entered the oversold zone.

BNBUSD(4 Hour Chart) - March 2.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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