Binance Coin Rebounds Above $289 Low but May Further Decline to $250 Low
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downtrend as it may further decline to $250 low. The bulls bought the dips as they made an upward correction. Following its recent decline, the bulls pulled above the $320 support. On the upside, if the current support holds, BNB will rise and retest the $400 high. Conversely, if the bears break below the current support, the market will decline to the low of $250. In the meantime, the BNB price is hovering above the $320 support.
Binance Coin (BNB) Indicator Analysis
BNB is at level 34 of the Relative Strength Index period 14. The altcoin has already fallen to the oversold region at level 24 before the recent upward correction. It is above the 25% range of the daily stochastic. Also, the market has resumed bullish 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 as it further decline to $250 low. The altcoin will further decline if the current support is breached. On a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to level 1.272 Fibonacci extension or $250.70.
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