BNB/USD has turned slightly higher after hitting short term lows during yesterday’s trading, but the move higher may be looked at skeptically by some traders.
As of this writing BNB/USD is trading below the 370.0000 mark. However in trading late on Sunday, BNB/USD did touch a low of nearly 355.0000 and then began to push higher. The lows seen recently tested marks from the 25th of February. Yes, a high of nearly 386.0000 was displayed on the 26th. BNB/USD remains within a rather intriguing short term range, the cryptocurrency did hit a low of nearly 324.0000 on the 24th of February.
Excluding the ‘death spike’ lower which happened on the 21st of October and sunk BNB/USD to a low of nearly 211.0000 with a lightning strike, the last time Binance Coin traded for a long duration near its lows of 324.0000 was in the last week of September 2021. The move off the low seen only a handful of days ago was important, and may have calmed nervous sentiment which is strong within BNB/USD, but it has likely not made all speculators feel comfortable.
The ability of BNB/USD to break below lows seen in January is a troubling indicator and until a sustained move higher is achieved unease may prevail. Highs seen early in the second week of February near the 446.0000 ratio were noteworthy, but today’s current price at approximately 367.0000 is nearly 80.00 USD below the high seen less than 3 weeks ago.
The highs achieved by BNB/USD in early November of about 670.0000 feel like a distant memory, and the apex highs of Binance Coin which hit a value of nearly 695.0000 on the 10th of May 2021 are long gone. Yes, BNB/USD may be oversold, but short term speculators may not have the capability to wait for immense reversals higher. The recent climb of BNB/USD is noteworthy, but it may be a reason to actually consider that another lower move is possible.
In the short term the broad cryptocurrency market remains under a nervous cloud. Until legitimate price action can be sustained upwards, traders may feel tempted to sell BNB/USD when reversals higher approach resistance. The long term trend of BNB/USD has not disappeared and the ability to create a minor upwards move may prove an opportunity to ignite selling positions, and aim for nearby support below.
Binance Coin Short Term Outlook:
Current Resistance: 377.0000
Current Support: 363.0000
High Target: 386.0000
Low Target: 353.0000
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