Binance Coin Loops over the $300 Support in Anticipation of an Upward Surge
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) is once again trading above the day’s low of $303 in anticipation of an upward surge. On May 28, BNB made a full recovery and crossed the 21-day SMA. Since the altcoin hit resistance at the most recent high, the climbing trend was only temporary. Currently, the coin’s value is looping over the $300 support. On the downside, the bulls have consistently guarded the $300 support since March 15. The candlesticks facing down are likewise quite long. Significant buying is shown in the candlesticks at lower price levels. The moving average lines or the $320 barrier must be crossed by BNB for the positive trend to continue.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
Binance Coin (BNB) Indicator Analysis
BNB’s Relative Strength Index level for period 14 is 41. The RSI has not changed as the altcoin consolidates above the $300 mark. A potential fall is suggested by the price bars currently being below the moving average lines. The oversold region of the market is where BNB is trading in contrast. The selling pressure will soon abate. More purchasers will result in higher pricing.
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is hovering above the crucial $300 support in anticipation of an upward surge. The altcoin is also massively oversold in the market. Furthermore, the price movement has remained steady above the current support. Prices may increase once more.
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