Binance Coin Price Experiences Two Rejections, But Remains Solidly Above $300

Feb 03, 2024 at 06:20 // Price
Coin Idol

Binance Coin (BNB) price is bearish between the moving average lines. Price analysis by

BNB price long-term forecast: bearish

Binance Coin (BNB) has experienced two rejections at the highs of $330 and $310, leading to its decline. BNB is now trading at $300.30. The cryptocurrency remains trapped between the moving average lines. Should the bears break the 50-day SMA to the downside, BNB would drop to a low of $270. 

In the meantime, the altcoin is holding above the support level of $300 or the 50-day SMA. Since January 8, buyers have stubbornly supported the existing support level of $290. Long candlestick tails indicate support at $290, suggesting strong buying pressure at the previous low.

BNB indicator reading

The price bars remain between the moving average lines after the rejection at $310. The sideways trend has held the moving average lines horizontally. The price movement was limited by the doji candlesticks.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

BNBUSD (Daily Chart) –FEB.02.jpg

What is the next direction for BNB/USD?

On the 4-hour chart, BNB is still in a sideways trend and falling into a lower price range. On the 4-hour chart, the price movement is limited to the $290 and $311 price levels.

Moreover, doji candlesticks play an important role in characterizing the cryptocurrency value.

Previously on January 19, reported that on the 4-hour chart, BNB was trading in a narrow range of $290 to $320.

BNBUSD (4 hour Chart) –FEB.02.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 Readers should do the research before investing in funds.

Show comments(0 comments)