Technical Analysis for BNBUSD for 3rd April 2023
BNB Slips 4%, Coin Under Pressure and May Fall Below $300
Past Performance of BNB
BNB prices might have a strong Q1 2023, adding 55%, but the coin remains under pressure. Trackers reveal that it is down 4% in the last week of trading but relatively steady in the past 24 hours. Even though the uptrend remains, the coin is under immense liquidation pressure from the daily chart. The immediate resistance level is around $345 but $330, marking March 27 bear bar, is a vital reaction point for traders.
BNB Technical Analysis
From the daily chart, prices are within a bear breakout formation, consolidating inside a wide-ranging sell candlestick. With a spike in trading volumes accompanying the sell-off of March 27, buyers are yet to recover, and prices are consolidating horizontally inside the bar. In the day ahead, traders can watch out for how prices react at $300, marking last week's lows and $330, or March 27 highs. A high volume close above $330, reversing losses, is ideal but should be wide-ranging, convincingly canceling out bears, perhaps lifting the coin towards $350. On the other hand, losses below $300 will trigger a sell-off confirming the anchor bar of March 27. It is highly likely that BNB will slip to March lows at $270 in that eventuality.
What to Expect from BNB
Traders are hopeful but regulatory factors could heap more pressure on BNB. Immediate reaction points remain at $330 and $345 to the upper side and $300, or last week's lows. Any dip below recent support could heap more pressure on the coin.
Resistance level to watch: $330
Support level to watch: $300
Disclaimer: Opinions expressed are not investment advice. Do your research.
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