Binance Coin Is in a Sideways Move but Faces Rejection at $312
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Binance Coin (BNB) Long-Term Analysis: Bearish
On May 12, Binance Coin’s (BNB) price declined to the low of $207 as it faces rejection at $312. The candlestick on May 12 has a long protruding tail. The long tail is pointing to the current support. It indicates that the current support has strong buying pressure. Besides, the coin fell into the oversold region of the market. This is an indication that the downtrend has reached bearish exhaustion. On the upside, the upward correction is facing rejection at $312 high. BNB will be compelled to a range-bound move below the resistance level. It is trading at $300.10 at the time of writing.
Binance Coin (BNB) Indicator Analysis
BNB is at level 38 of the Relative Strength Index period 14. The crypto is making an upward correction as it trades in the bearish trend zone. BNB is below the 80% range of the daily stochastic. The market is in the bearish momentum. 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 is in a downtrend but has resumed a sideways move as it faces rejection at $312. Meanwhile on May 9 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to level 1.618 Fibonacci extension or $240.40. From the price action, BNB has retested the level 1.618 Fibonacci extension and resumed upward.
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