Binance Coin Is in a Sideways Move as It Declines to $244 Low
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has resumed selling pressure as it declines to $244 low. Buyers have consistently battled to break the resistance at $300 since August 21 but to no avail. After each retest at the resistance, BNB would decline above the $260 support. Today, BNB’s price has declined below the moving average lines. The crypto is likely to revisit the previous low at $260. Nevertheless, the current support has not been broken since September 6. BNB will further decline to $244 if the current support is breached.
Binance Coin (BNB) Indicator Analysis
The altcoin is capable of further decline as it is at level 45 of the Relative Strength Index for period 14. Because of the sideways trend, the moving average lines are sloping horizontally indicating the trend. In the meantime, BNB/USD is in a bearish momentum as the altcoin faces rejection at the $300 high. The coin is also below the 50% range of the daily stochastic .
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
There is a likelihood of a further downward movement of the cryptocurrency as it declines to $244 low. Sellers have broken below the moving average lines and resumed selling pressure. On the August 19 downtrend, BNB made an upward correction and a candle body tested the 61.8% Fibonacci retracement level. The corrections suggest that BNB will fall to level 1.618 Fibonacci extension or $244.00.
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