The last day of February is about to be rather more bearish than bullish as the rates of most of the coins are falling.
BNB/USD
The rate of Binance Coin (BNB) has followed the decline of Bitcoin (BTC), going down by 1.11%.
Despite today’s fall, the price of BNB is trading closer to the resistance than to the support, which means that buyers can locally seize the initiative. Thus, the rate is above the $300 mark, which is a crucial mark in terms of possible growth.
All in all, the breakout of the $304.7 level can be considered a prerequisite for a blast to the $306-$307 area.
The situation is worse for bulls on the daily time frame, as the price is coming back to the support level at $298.6. If bulls cannot withstand sellers’ pressure, there are high chances to see an ongoing drop to the $290 mark.
The monthly bar is about to close neither bullish nor bearish, which means that Binance Coin (BNB) might need more time to accumulate power for a further sharp move. In this case, sideways trading in the range of $280-$340 is the more likely scenario for the upcoming month.
BNB is trading at $304.2 at press time.
Source: https://u.today/binance-coin-bnb-price-analysis-for-february-28