Binance Coin (BNB) Retraces but Consolidates above the $315 Support, Downtrend Likely
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Binance Coin (BNB) Long-Term Analysis: Bearish
Today, Binance Coin has rebounded to retest the $330 overhead resistance. The crypto is retracing after the retest. The overhead resistance has been retested several times since July 7. This causes the crypto to decline on the downsides. In the last breakdown, the altcoin fell to the low of $258 as bulls bought the dips. In this current rejection, BNB will decline if the crypto faces rejection at the recent high.
Binance Coin (BNB) Indicator Analysis
The crypto has risen to level 54 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 80% range of the daily stochastic. It indicates that the crypto 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)?
BNB/USD is in a downward move after the rejection at the recent high. The Fibonacci tool has indicated a further decline of the coin. Meanwhile, on July 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the coin will fall to level 2.0 Fibonacci extension or a level of $301.35. From the price action, BNB declines to $315 low and resumes consolidation above the current support.
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