BBNB/USD experienced a strong speculative month in February, and as March begins, its results will be a good barometer of the broad cryptocurrency market.
When the month of February began for Binance Coin, it found its value via BBNB/USD slightly under the 50.0000 mark. Considering that the price of BBNB/USD was near 26.0000 towards the end of November 2020, the price of 50.0000 achieved was a strong climb in value. However, by the 19th of February, the price of Binance Coin had risen to nearly 345.0000.
The wild speculative flurry within BBNB/USD came on the heels of exuberant values in Bitcoin and perhaps the belief that Binance Coin derives a source of its speculative power because it is used as a transactional digital currency within the Binance trading platform. It is also known that BBNB/USD might have seen additional exuberant lust with buying based on the publicity surrounding its blockchain, which may be gaining additional clients in the cryptocurrency world as users.
However, upon hitting the massive high of 340.0000 on the 19th of February, BBNB has begun to experience a downturn. The current value of Binance Coin is testing important short-term resistance levels near 260.0000. Speculators who look at a one-month chart will have to determine if the current price is attractive as a buy or sell depending on their technical perspectives and perhaps their own views regarding current behavioral sentiment in the cryptocurrency market.
The past week of trading has certainly seen headwinds flare for BBNB/USD and a host of other cryptocurrencies. However, that has occurred after record levels were attained in Binance Coin just a week-and-a-half ago. Certainly profit-taking has taken place in BBNB/USD by a segment of traders who cashed out winning positions. Binance Coin remains within shouting distance of its record highs taking into consideration the amount of surges BBNB/USD has been able to demonstrate the past few weeks. Volatility affects Binance Coin like all other cryptocurrencies. From the 17th of February until the 19th of the month, BBNB/USD essentially gained 200.0000 USD in value.
Traders should monitor the current price band of BBNB/USD carefully for potential breakouts. Support levels below could prove extremely important, particularly if they are broken lower. The 200.0000 mark appears to have a lot of room to traverse downward if negative sentiment suddenly cascades within BBNB/USD. However, if the cryptocurrency is able to break above the 280.0000 resistance level, it will certainly create the belief among speculators that record highs approached in February could be tested in March.
Speculators who believe BBNB/USD is an important part of the trading landscape within cryptocurrencies because of the Binance trading platform may remain optimistic, particularly if Bitcoin and other cryptocurrencies proves durable and are able to maintain current price levels and climb. Skeptics of BBNB/USD may choose to be sellers, but just like buyers they need to practice their risk management, use limit orders to receive solid fills and have their take-profit and stop-loss orders working.
BBNB/USD Outlook for March:
BBNB/USD could potentially see a price range between 135.0000 and 380.0000 in the month of March. The difference in prices between lows and highs should underscore to speculators that BBNB/USD is a volatile asset like other cryptocurrencies.
If current support levels near the 220.0000 juncture prove vulnerable, traders should then monitor the 200.0000 value line alertly. If this lower value proves weak and the price of BBNB/USD is punctured, it could set off a rather intriguing test of February lows around the 135.0000 mark.
Intriguingly, if BBNB is able to gather a steady pace and the broad cryptocurrency market shows signs of speculative buying, traders should watch the 270.0000 to 280.0000 junctures. If these higher resistance levels are touched and prices are sustained above, BBNB could be ready to test values above 300.0000 again and be prepared to create new highs.