Binance Coin (BNB) Price Analysis for February 2

Bulls are not going to give up so easily, according to CoinStats.

BNB/USD

The price of Binance Coin (BNB) has increased by 0.3% since yesterday.

On the hourly chart, the rate of BNB is rising after a bounce back from the local support level of $299.8. If the daily candle closes far from that mark, there is a chance to see a a test of the resistance soon.

A different situation can be seen on the daily time frame. The price is in the middle of a wide channel, between the support of $288.8 and the resistance of $311.7.

As none of the sides has seized the iniative yet, ongoing sideways trading around the $300 zone is the more likely sceneario for the next few days.

From the midterm point of view, the rate of BNB needs more time to accumulate energy for a further move. In this case, traders can expect a consolidation between $290 and $310 until mid-February.

BNB is trading at $302.1 at press time.

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