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February 28, 2023
Without a clear-cut direction, BNB is trading around $305.2 and ranging between $303.96 and $305.2.
Price action remains constrained around the key Fibonacci level of $304.32 currently serving as support. If price action breaks below, the next Fib hurdle is $297.54. Binance Coin's upper Bollinger Band® is at $322.42, suggesting that a downward move may follow. Despite this, BNB is approaching key support, around $4.81 away from $300.39. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests BNB is positioned for a downward move in the near term.
While Binance Coin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Ripple is down $0.005 from the beginning of the session and now trades around $0.374.
Binance Coin has managed to gain 24.41% so far this year despite trading at lows around $196.72 previously. BNB is currently trading with a market cap of 48.19 billion with an average daily volume of 561 million.
