Binance Coin (BNB) Price Analysis for February 22

Bears have continued their pressure as most of the coins are in the red zone.

BNB/USD

The rate of Binance Coin (BNB) could not withstand bears’ pressure, going down by 1.86% over the last 24 hours.

After the false breakout of the resistance, the price of Binance Coin (BNB) might have found the local bottom at the support level of $305.1. As the native exchange coin has passed most of its daily ATR, sideways trading in the narrow range of $306-$308 is the more likely scenario.

On the daily chart, one should pay attention to the interim support level at $308. If the candle closes below it, there are high chances of seeing a further drop to the $300 zone. Such a scenario is relevant until the end of the month.

The situation is a little bit more positive on the daily time frame against Bitcoin (BTC). The price keeps trading sideways, between the support at 0.01260 and the resistance at 0.012975.

In addition, the volume has fallen, which means that one should not expect any sharp moves in the near term.

BNB is trading at $307.3 at press time.

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