Binance Coin Resumes Consolidation above $272 after a Price Rebound
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downtrend but resumes consolidation above $272 after a price rebound. After the downtrend, the cryptocurrency has been in range bound move between $272 and $300 price levels. The range-bound move is characterized by small body indecisive candlesticks. Nonetheless, on September 6, sellers breached the tight range as the altcoin declines to the low of $261.50.
However, buyers responded and pushed the price to the previous high. BNB is trading at $279.50 at the time of writing. The crypto will regain bullish momentum if it breaks above the moving average lines. A break above the moving average lines will catapult BNB above $334 high. Similarly, if BNB turns from the moving average lines, it will decline to $261 low. Later, the bearish momentum will extend to the lows of $244 and $220 price levels.
Binance Coin (BNB) Indicator Analysis
The cryptocurrency is at level 45 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and may decline. The crypto’s price bars are below the moving average lines indicating a further decline. BNB is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The moving average lines are sloping downward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin turns down from the moving average lines but resumes consolidation above $272 after a price rebound. Meanwhile, on the August 19 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 $242.61.
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