Binance Coin (BNB) Declines to $305 Low as It Faces Rejection from the $347 High
August 2, 2021
#Binance Coin#BNB#BNB/USD#Price Analysis
Binance Coin (BNB) Long-Term Analysis: Bearish
On August 1, Binance Coin rallied to a high of $347 before the recent retracement. The recent downtrend will reach a low of $305. The bears are approaching the low of $330 support. When the current support is breached, the coin will decline to the previous at $305. The low at $305 may attract buyers on the downsides. In the previous price action, BNB/USD was fluctuating between $300 and $330 price levels. The bulls broke the previous price range to reach $347 but the crypto has fallen back to the $300 and $330 price range. A break above the $330 resistance will catapult the altcoin to the highs of either $340 or $400. However, if price turns down from the current level, the bears will have the advantage of pushing the altcoin to the previous low at $224 or $305
Binance Coin (BNB) Indicator Analysis
The Bitcoin Coin price has broken above 21-day and 50-day SMAs which suggests further upside of the coin. The crypto has risen to level 62 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and above the centerline 50. BNB is capable of rising on the upside. It is also below the 50% range of the daily stochastic. It indicates that the crypto is in a bearish momentum.
Major ResistancIs ie Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
BNB/USD is likely to resume upward after the retracement. Meanwhile, on July 26 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will rise to level 1.618 Fibonacci extension or a level of $375.28.
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