Binance Coin Hovers above $200 as Bears Attempt To Reach $186 Low
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has resumed its downward move as bears attempt to reach $186 low. The cryptocurrency fell to the low of $204.20 and pulled back. The bears succeeded in breaking below the current support at $268 and revisited the previous low at $207. Today, BNB is trading at $220 at the time of writing. The coin has fallen to the historical price level of February 22, 2021. In the previous year, BNB was in an uptrend as the market rallied to the high of $700 on May 3. Today, BNB has fallen to an oversold region at level $207.50
Binance Coin (BNB) Indicator Analysis
BNB is at level 22 of the Relative Strength Index period 14. It indicates that the altcoin has fallen deeply in the oversold region of the market. The downtrend has reached bearish exhaustion. Further downward movement of the coin is unlikely. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The altcoin is below the 20% range of the daily stochastic. It is also trading in the oversold region of the market.
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 fallen to the oversold region of the market as bears attempt to reach $186 low. The coin is hovering above the $200 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.
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