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Binance Coin (BNB) Price Analysis for February 22

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Wed, 22/02/2023 - 16:06
Binance Coin (BNB) Price Analysis for February 22
Cover image via www.tradingview.com

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Bears have continued their pressure as most of the coins are in the red zone.

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Top coins by CoinMarketCap

BNB/USD

The rate of Binance Coin (BNB) could not withstand bears' pressure, going down by 1.86% over the last 24 hours.

BNB/USD chart by TradingView

After the false breakout of the resistance, the price of Binance Coin (BNB) might have found the local bottom at the support level of $305.1. As the native exchange coin has passed most of its daily ATR, sideways trading in the narrow range of $306-$308 is the more likely scenario.

BNB/USD chart by TradingView

On the daily chart, one should pay attention to the interim support level at $308. If the candle closes below it, there are high chances of seeing a further drop to the $300 zone. Such a scenario is relevant until the end of the month.

BNB/BTC chart by TradingView

The situation is a little bit more positive on the daily time frame against Bitcoin (BTC). The price keeps trading sideways, between the support at 0.01260 and the resistance at 0.012975.

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In addition, the volume has fallen, which means that one should not expect any sharp moves in the near term.

BNB is trading at $307.3 at press time.

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