Binance Coin Reaches Bearish Exhaustion as the Altcoin Consolidates above $336 Support
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has fallen to the oversold region as the altcoin consolidates above $336 Support . As the cryptocurrency reaches the oversold region, the selling pressure is likely to subside. Since January 22, BNB/USD has been fluctuating between $336 and $390 price levels. On January 23, the BNB price corrected upward but could not break the initial resistance at $390. The bears are attempting to sink the altcoin, even though the market has reached the oversold region. If the price rebounds in the oversold region, the initial resistance at $390 is likely to be broken; the market will rise to the upside. The bullish momentum will extend to the next resistance at $500.
Binance Coin (BNB) Indicator Analysis
The altcoin is at level 30 of the Relative Strength Index period 14. BNB has reached the oversold region of the market. That is the downtrend is likely to subside. The selling pressure may end as buyers emerge in the oversold region. The daily stochastic showed that BNB is below the 20% range of the price indicator. That is the market is in the oversold region. The crypto’s price bars are below the moving averages which makes the altcoin fall.
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 downward correction as the altcoin consolidates above $336 Support. Meanwhile, on January 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Binance Coin will fall to level 1.272 Fibonacci extension or $334. From the price action, BNB price is retesting the 1.272 Fibonacci extension.
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