Binance Coin Declines as It Targets the Previous Low at $249

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) is falling as it targets the previous low at $249. The crypto’s price is falling toward the previous low, which is $249 or $243. The present support at the $249 low will be reached by the momentum as it continued to decline. After plunging today, BNB is now testing the previous price level of November 10. Bulls continued to purchase on dips as the price declined below the moving average lines, even though it dropped below the historical low of $265. Today we are testing the previous low once more. The altcoin will resume its ascent if the $265 support stands. The cryptocurrency will reach its lowest position above the $200 support if the current support is breached.

Binance Coin (BNB) Indicator Analysis
For period 14, the Relative Strength Index is at level 36. Binance Coin is presently trading in the bearish trend zone. The price bars’ placement below the moving average lines suggests that there will be a further decline. The daily Stochastic for Binance Coin is trading below level 20 and in the oversold area. It suggests that the selling pressure is subsiding.

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

What Is the Next Direction for Binance Coin (BNB)?
On the 4-hour chart, Binance Coin is descending as it targets the previous low at $249. It is presently correcting upward after its decline to the oversold region. After the loss on December 13, BNB made an upward corrective, and a candle body tested the 61.8% Fibonacci retracement line. BNB’s price will drop by the correction to the Fibonacci extension’s level of 1.618, or $243.81.

You can purchase crypto coins here. Buy LBLOCK


Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results