Binance Coin Consolidates Above $355 but Risks Further Decline to $320
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has broken below the moving averages but risks further decline to $320. Since March 4, BNB’s price has been trading below the moving averages. On the upside, the bulls have failed to break above the moving averages. The recent rallies on February 7 and 15 were repelled as the altcoin fell below the moving averages. Also, on February 28, BNB’s price rebounded above the current support but was resisted at the $420 high. On the downside, the crypto risks further decline if the bulls fail to keep the price above the moving averages. For instance, if the bears lose the $360 support, the market will decline to $320 low.
Binance Coin (BNB) Indicator Analysis
BNB/USD has fallen to level 46 of the Relative Strength Index period 14. With the recent decline, the altcoin has fallen to the downtrend zone. The crypto’s price is below the moving averages indicating a possible fall. BNB is above the 50% range of the daily stochastic. Binance Coin is in a range-bound move.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
On the 4 hour chart, Binance Coin is in a downward move but risks further decline to $320. Since January 22, buyers have been defending the $360 support. Meanwhile on January 8 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to level 1.272 Fibonacci extension or $340.50. The crypto has been fluctuating above the current support.
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