Binance Coin (BNB) Price Analysis for February 2

Binance Coin (BNB) Price Analysis for February 2

Fri, 2/02/2024 – 18:00

Binance Coin (BNB) Price Analysis for February 2
Cover image via www.tradingview.com

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Bulls are not going to give up so easily, according to CoinStats.

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BNB chart by CoinStats

BNB/USD

The price of Binance Coin (BNB) has increased by 0.3% since yesterday.

Image by TradingView

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.

Image by TradingView

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.

Image by TradingView

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.

Published at Sat, 03 Feb 2024 04:17:00 +0100

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