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March 01, 2023
BNB trades at $304.56 after gaining $2.84 (0.94%).
Support/Resistance levels obtained from chart analysis indicate that after reaching the known resistance zone beginning at $305.73, Binance Coin price action retreated approximately $1.17. Technical analysis trend indicators suggest that BNB made an initial breakout above its 5 day Simple Moving Average at $305.03, a potential indicator of a newly emerging bullish phase. BNB is currently trading around the $304.32 Fibonacci resistance level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $322.39, thereby suggesting that Binance Coin is becoming overvalued.
All in all, the technical analysis suggests BNB has no clear-cut direction.
BNB shows positive signs, other assets are also on par: FTX Token is up 9.54%. Having closed the previous session at $93.98, Litecoin is up 4.11% today to currently trade at around $97.84. Having closed the previous session at $23,171, Bitcoin is up 2.77% today to currently trade at around $23,800.
This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 23.54% year to date. BNB has a market cap of 48 billion with an average daily volume of 573.11 million.
