Binance Coin (BNB) Price Prediction for February 18

Binance Coin (BNB) Price Prediction for February 18

The cryptocurrency market has turned bearish today, as indicated by CoinStats.

BNB Price Analysis

BNB/USD Market Overview

The price of Binance Coin (BNB) has declined by 2.19% in the last 24 hours, reflecting the broader market trend.

Hourly Chart Insights

On the hourly chart, BNB is moving towards a key support level at $643.51. If buyers fail to regain control, traders could witness a test of the $640 support zone in the coming hours.

Daily Timeframe Analysis

On the daily chart, investors should keep an eye on the nearest resistance level at $653.46. If the price breaks below this mark and closes near the session’s low, a further decline to $620 may be imminent.

Midterm Market Outlook

From a midterm perspective, BNB remains within last week’s price range. With neither bulls nor bears establishing clear dominance, a sideways trading pattern between $600 and $700 is the most probable scenario for now.

Current BNB Price

At the time of writing, Binance Coin is trading at $652.70.

Key Takeaways:

• BNB is facing downward pressure, dropping 2.19% in the past day.
• Immediate support lies at $643.51, with resistance at $653.46.
• A breakout below $653.46 may push the price towards the $620 zone.
• BNB is likely to trade within the $600-$700 range in the midterm.

Conclusion

While BNB’s short-term price action appears bearish, its midterm outlook suggests continued consolidation. Investors should monitor key support and resistance levels to anticipate potential breakout movements.