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Binance Coin (BNB) Price Analysis for February 10

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Fri, 10/02/2023 - 15:18
Binance Coin (BNB) Price Analysis for February 10
Cover image via www.tradingview.com

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The correction continues on the cryptocurrency market as most of the coins are in the red zone.

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Top coins by CoinMarketCap

BNB/USD

Binance Coin (BNB) could not withstand the bears' pressure, falling by 4.82% over the last 24 hours.

BNB/USD chart by TradingView

Despite the drop, the price has made a false breakout of the local support level at $302.8. At the moment, the rate of Binance Coin (BNB) is trading in the middle of the channel, however, if the growth continues to the $309 mark, the rise may lead to the further test of the $315 zone soon.

BNB/USD chart by TradingView

On the daily time frame, one should pay attention to the limit level of $302. Until the rate is above it, buyers might locally seize the initiative. From another point of view, the accumulated energy is not enough for midterm growth.

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In this case, sideways trading in the range of $305-$310 is the more likely scenario for the next few days.

BNB/USD chart by TradingView

The current drop has not affected the overall technical position of Binance Coin (BNB). The native exchange coin keeps accumulating strength in the channel. Such a statement is confirmed by the decreasing volume, which means that none of the sides is ready for sharp growth. All in all, traders might see the price of BNB in the area of $300-$340 by the end of the month.

BNB is trading at $307 at press time.

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