Binance Coin (BNB) Consolidates above $210 Support, Risks Further Decline below $210
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) has been consolidating above the $200 support since May 23. The bears have retested the current support twice as bulls buy the dips. The selling pressure will resume if the bears break the $210 support. A decline to $135 is likely. However, if BNB rebounds above the current support, the coin will rally above $320. The bullish momentum will extend to retest the $380 high. Meanwhile, on May 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BNB will fall to level 1.272 Fibonacci extension and reverse. That is at level $143.
Binance Coin (BNB) Indicator Analysis
BNB has fallen to level 41 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. BNB is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.
Technical indicators:
Major ResistancIs ie Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is in a downward move. The selling pressure will resume if price breaks below the current support. Meanwhile, on June 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the coin will fall to level 2.618 Fibonacci extension or a level of $232.05.
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