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Binance Coin (BNB) Price Analysis for February 2

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Thu, 2/02/2023 - 16:08
Binance Coin (BNB) Price Analysis for February 2
Cover image via www.tradingview.com

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Bulls are giving bears no chances as most of the coins are again in the green zone.

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Top coins by CoinMarketCap

BNB/USD

Binance Coin (BNB) is one of the biggest gainers, rising by 5.47% over the last 24 hours.

BNB/USD chart by TradingView

On the hourly chart, the price is trading in the middle of the channel after the false breakout of the local resistance at $332.3. There are low chances of seeing any sharp moves by the end of the day, as most of the ATR has been passed.

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In this case, sideways trading in the area of $325-$330 is the more likely scenario.

BNB/USD chart by TradingView

On the bigger chart, the price has bounced off the resistance and continued the rise after being in the accumulation period for some time. If buyers can hold the rate above the $320 mark, traders can see further growth to the $340 zone shortly.

BNB/USD chart by TradingView

On the weekly chart, the price is slowly approaching the upper level of the channel after the breakout of the important $300 zone. If the growth continues to $350, the breakout of $361.3 can occur by the end of the month.

BNB is trading at $325.9 at press time.

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