Binance Coin (BNB) Price Analysis (February 29)
- BNB/USD market valuation has been on a retracement moving mode.
- The BNB/USD pair is likely to retard any fake downside pressures around the $20 point.
- The SMA trading tools have indicated a $20 price zone as a crucial trading line.
Binance Coin (BNB) Price Analysis
• Major supply zones: $30, $35, $40
• Major demand zones: $15, $10, $5
The BNB/USD market valuation has been on a retracement moving mode about a couple of weeks until the present. The US dollar has slightly continued to push the crypto’s value downward to trade around $20 mark.
In the recent past, the BNB/USD trade was trading a bit over $25 value. And, the crypto, in the long run, lost momentum to see the market through obtaining another higher mark. However, the downward pressures haven’t been on a high note. In other words, the pair is likely to retard any fake downside pressures.
Binance Coin (BNB) Technical Indicators Reading
Over time, the BNB/USD trade has been recording a line of tactic declines in its valuation. The 50-day SMA trend-line is underneath the 14-day SMA trading indicator. The smaller SMA is a bit bent southward; over the bigger SMA to show some extent the currency pair is in a bearish position. The Stochastic Oscillators have moved into the oversold region. They seem to commence a consolidation move within it soon. That signifies a warning to be patient.
There has been continuity in the BNB/USD market slow-moving manner. And, that has led to witnessing a form of sequential and range move arrangements. In the meantime, the SMA trading tools have positioned to indicate the $20 mark as a crucial trading line. A crossing of the 50-day SMA by the smaller SMA from the top could cause free sell-off to the price zone of seeing low value averaging a demand zone close to the $10 afterward.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.