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A slew of technical, fundamental, and on-chain indicators hint at more pain for BNB price in February. On Feb. 13, Binance's native token , BNB, recorded its worst daily performance since November 2022, falling 8.5% to below $285. BNB price has since recovered to over $298, but its possibility of facing another selloff remains high. Let's take a look at a few reasons why.  BNB price rising wedge breakdown The ongoing decline in BNB's price came as a part of a broader rising wedge breakdown. Notably, on Feb. 9, BNB broke out of its rising wedge pattern, a bearish reversal setup that forms as the price trends upward inside a range defined by two ascending, converging trendlines. BNB/USD daily price chart featuring rising wedge breakdown setup. Source: TradingView As a rule of technical analysts, a rising wedge's profit target is measured after subtracting the maximum distance between the pattern's upper and lower trendline from the breakdown point. Therefore, BNB...

Join Our Telegram channel to stay up to date on breaking news coverage The BNB/USD daily chart on CoinMarketCap shows that the cryptocurrency market’s valuation has increased significantly and is currently well over the purchase signal side of the SMA trend lines.   If you want to keep up with the ever-changing value of cryptocurrencies, go no further than CoinMarketCap. The 14-day simple moving average (SMA) is presently at $286.40, while the 50-day SMA (SMA) is at $284.70; the 14-day SMA is currently above the 50-day SMA (SMA). The bottom horizontal line, which is still maintained at the support level of $260, shows the key foundation that the crypto economy has deliberately depreciated to recover its energy values. Overbought levels of 97.98 to 100 on the stochastic oscillators show growing overbought momentum. Is BNB Going to Be Able to Surpass the $340 Barrier? Some data suggests that once the BNB/USD pair breaks the $340 threshold, it will be difficult to mai...