Binance Coin Holds Above $270 Support As Bulls Buy the Dips
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downward correction as bulls buy the dips. In the previous price action, the upward correction was terminated at the $340 resistance zone. Today, the upward moves are being restricted below the 21-day line SMA. On the downside, the bears pushed the coin to the previous low at $267 but the altcoin pulled back to the 21-day line moving average. Today, the candlestick is displaying a long tail pointing to the current support. It implies that the $267 support is a strong buying point.
Binance Coin (BNB) Indicator Analysis
BNB is at level 41 of the Relative Strength Index period 14. It indicates that the altcoin has fallen to the downtrend zone and may further decline.It is in the downtrend zone despite the upward correction. BNB price bars are below the 21-day line SMA and the 50-day line SMA indicating a possible fall of the coin. It is above the 40% range of the daily stochastic. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What` Is the Next Direction for Binance Coin (BNB)?
Binance Coin has broken below the moving averages as bulls buy the dips. The bulls are strongly defending the current support. Meanwhile on May 11 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 $207.51.b
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