Binance Coin Reaches a Bearish Peak but Risks a Decline to $307
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) is losing value as it falls below the moving average lines but risks a decline to $307. When the price falls below the moving average lines, the selling pressure may increase. At the time of writing, BNB is trading at $317.10. The price has dropped further, reaching a low of $307. Meanwhile, on May 3rd, after a decline, BNB made an upward reversal, with the candle body testing the 61.8% Fibonacci retracement level. The correction predicts that BNB will drop to the 1.618 Fibonacci extension or $307.90 level. Based on the price activity, BNB touched a low of $312 before pulling back on May 8. Meanwhile, the altcoin is correcting to the upside.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
Binance Coin (BNB) Indicator Analysis
BNB is at level 44 on the Relative Strength Index for period 14. The altcoin’s latest slide has pushed it into the bearish trend zone.BNB is likely to fall further. The present downturn is caused by the price bars falling below the moving average lines. The altcoin is rising over level 40 of the daily Stochastic. The momentum has been erratic.
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin breaks below the previous low of $315 but risks a decline to $307. According to the tool analysis, the bearish trend will continue until the price reaches $307. After reaching a low of $312, the altcoin has just resumed its positive trajectory.
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