Binance Coin Enters Exhaustion as It Declines to the $255 Low
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) enters the downtrend zone as it declines to the $255 low. The Selling pressure increased as a result of sellers breaking through the moving average lines. The downward momentum will continue until it reaches the low of the present support at $249. The present support was held during the previous price action on November 21 as the coin started to climb upward again. If buyers protect existing support, the altcoin may hold above the previous low today. However, the cryptocurrency will crash to its low over the $200 support if the current support is broken.
Binance Coin (BNB) Indicator Analysis
The Relative Strength Index is at level 38 for period 14. As it moves closer to the oversold area, Binance Coin is currently trading in the bearish trend zone. Given that the price bars are below the moving average lines, an additional fall is likely. The daily Stochastic is trading below level 20 and in the oversold territory for Binance Coin. It suggests that bearish exhaustion has been achieved in the current selling push.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
The selling pressure on Binance Coin has increased as it declines to the $255 low. BNB had an upward corrective during the November 8 decline, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, BNB will drop to level 1.618 of the Fibonacci extension, or $197.03.The selling pressure on Binance Coin has increased as bearish exhaustion has set in. BNB had an upward corrective during the November 8 decline, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, BNB will drop to level 1.618 of the Fibonacci extension, or $197.03.
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