Binance Coin Hovers above $220 Support as BNB Risks Further Decline

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) is declining as it trades above the $220 support as BNB risks further decline. The cryptocurrency asset is retesting the $220 support level, which was last seen on July 13. BNB recovered above the present support in July, when the cryptocurrency’s price broke above the moving average lines. The positive trend was maintained as BNB reached a high of $336. Today, the bears are retesting the existing support level in an attempt to break it. If the present support level is breached, BNB will fall much further to $198.

Binance Coin (BNB) Indicator Analysis
The Relative Strength Index is at level 36 for period 14. Binance Coin is now in a bearish trend zone. The location of the price bars below the moving average lines indicates that the price will continue to fall. Binance Coin’s daily Stochastic is trading below level 20 and in the oversold zone. Buyers are emerging in the oversold area, pushing prices higher.

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

What Is the Next Direction for Binance Coin (BNB)?
The current selling pressure has subsided as the price remains above the $220 support level. If the present support level of $220 is breached, BNB would fall even more. BNB made an upward corrective on the November 9 decline, and a candle body tested the 61.8% Fibonacci retracement line. The correction predicts that BNB will fall to the 1.618 Fibonacci extension, or $198.06 level.

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