For a month now, on the BNB market, market participants have been trading in a consolidation triangle, which is shrinking every day. After the sharp impulse of BNBUSDT price growth during February 17-20, sellers tried to take the initiative into their own hands. Their most dangerous attack was on February 23, when the price on the BNB market fell 43% in 3 days. In our previous global idea, we indicated that a critical moment has come in the market: While buyers still have a chance to test a new all-time high at $400. However, to do this, you need to keep the lower trendline of the triangle, which runs near the range of $230-235.
At the moment, given how other coins have fallen against the backdrop of the fall in the BTC market, the BNB price is confidently staying in the range of $250-255. Calmness of buyers and weakness of sellers indicate a high probability of a new growth impulse in the near future.
And even if the BTC price continues to fall to $45,000-46,000, it seems that the BNB price will not go below the critical range of $230-235. All buyers need at the moment is to ride out the storm. The first target is $300. Only after fixing above can you think of $390-400 ___________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!