Binance Coin Continues Its Decline as It Risks the $225 Low

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has significantly decreased since it broke through the prior level of support as it risks the $225 low. After shattering the previous low of $280, the crypto asset fell to a low of $260. The bears broke through the crucial support level of $300, which has been held since March 14. As of this writing, BNB is being sold for $248. On the downside, the cryptocurrency asset has entered an oversold market region. As it consolidates above the current support, the selling pressure on the altcoin will lessen. The current support will hold if buyers show up in the oversold portion of the market.

Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200

Binance Coin (BNB) Indicator Analysis
The cryptocurrency asset’s Relative Strength Index level for period 14 is now at level 21. The coin has been grossly oversold in this market. It has reached the limit of the bear market. The price bars’ position below the moving average lines is what’s causing the current decline. BNB is currently trading below level 20 of the daily Stochastic. Currently, the market is oversold. Buyers are predicted in the oversold area of the market.

What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is now trading in an oversold area of the market as it risks the $225 low. BNB is currently gathering momentum over the $260 support. The historical price level from November 21, 2022, serves as the current support. If the current support continues to hold, the market will rise.

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