Binance Coin (BNB) Price Analysis for March 3

Bulls are not ready for a rise yet, according to the CoinMarketCap ranking.

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Binance Coin (BNB) has turned out to be less of a loser than Bitcoin (BTC), falling by 2.71%.

BNB/USD chart by TradingView

On the hourly chart, the price of Binance Coin (BNB) has bounced off the support at $288.7. Currently, traders should focus on that mark as, if the candle closes near it, the ongoing decline may continue to the $285 mark.

BNB/USD chart by TradingView

On the bigger time frame, the price of Binance Coin (BNB) is trading near the interim support at $289.8. In case of a false breakout, one can expect a further downward move to the $280 area.

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Such a scenario is relevant until the end of the week.

BNB/USD chart by TradingView

From the midterm point of view, the rate of Binance Coin (BNB) is below the $300 mark again, which means that bears have seized the initiative. In this case, there is a high possibility of seeing a continued drop by the end of the week to the support at $281.1.

BNB is trading at $289.6 at press time.

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