3 reasons why Binance's BNB token risks sliding further by March
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...