Binance Coin in a Sideways Trend, May Further Decline
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) is in a downward move. On November 18, sellers pushed the altcoin to the support above the 50-day line moving average as bulls bought the dips. BNB corrected upward but could not break above the 21-day line moving average. The cryptocurrency is above the 50-day SMA but below the 21-day SMA. If price breaks below the 50-day SMA, the crypto will decline to $470 low. On the other hand, if price breaks above the 21-day SMA, it will signal the resumption of the uptrend.
Binance Coin (BNB) Indicator Analysis
BNB has fallen to level 48 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and capable of a further downward move. The crypto’s prices are in between the moving averages. BNB is above the 25% range of the daily stochastic. The stochastic bands are sloping horizontally.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
On the 4 –hour chart, BNB/USD is in a downward move. The crypto is confined between the two moving averages. Meanwhile, on November 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Binance Coin will fall to level 2.0 Fibonacci extension or $453.70.
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