Binance Coin (BNB) Price Analysis for February 2 – U.Today
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Bulls are not going to give up so easily, according to CoinStats.
The price of Binance Coin (BNB) has increased by 0.3% since yesterday.
On the hourly chart, the rate of BNB is rising after a bounce back from the local support level of $299.8. If the daily candle closes far from that mark, there is a chance to see a a test of the resistance soon.
A different situation can be seen on the daily time frame. The price is in the middle of a wide channel, between the support of $288.8 and the resistance of $311.7.
As none of the sides has seized the iniative yet, ongoing sideways trading around the $300 zone is the more likely sceneario for the next few days.
From the midterm point of view, the rate of BNB needs more time to accumulate energy for a further move. In this case, traders can expect a consolidation between $290 and $310 until mid-February.
BNB is trading at $302.1 at press time.
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 denys.serhiichuk@u.today.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.