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Binance Coin (BNB) Price Analysis for February 8

Wed, 02/08/2023 - 16:13
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Denys Serhiichuk
Has Binance Coin (BNB) reached support zone yet for reversal?
Binance Coin (BNB) Price Analysis for February 8
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls keep controlling the situation on the market, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Binance Coin (BNB) is following the slight rise of Bitcoin (BTC), going up by 0.47%.

BNB/USD chart by TradingView

Despite the growth, Binance Coin (BNB) is looking bearish on the local time frame. The price has reached the support level at $329. If the situation does not change, the breakout may lead to the test of the $325 mark tomorrow. Thus, the selling volume has risen, which confirms bears' pressure.

BNB/USD chart by TradingView

On the daily chart, bulls could not keep the rise after yesterday's bullish candle. Moreover, the price has again made a false breakout of the resistance at $335.5, which means that buyers might have run out of power.

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In this case, the more likely scenario is a correction to the nearest support zone around $320.

BNB/BTC chart by TradingView

Meanwhile, the rate of Binance Coin (BNB) keeps trading sideways on the daily time frame against Bitcoin (BTC). At the moment, one should pay attention to the mark of 0.0144. If the rate gets back to it, there are chances to see the breakout, followed by the rise to the 0.0148-0.015 area.

BNB is trading at $329.2 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at