Binance Coin Revisits the $225 Support as Sellers Threaten to Short

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) is trading in a narrow range of $220 to $260 as it revisits the $225 support. The altcoin is falling as it approaches the $220 low. Buyers initially tried to keep the price above the $260 high but were stopped at $249. The cryptocurrency’s price fell again after two failed attempts to rise. Today, BNB is falling as it approaches the current support level of $220. Following the recent price drop, the previous support level of $249 has now become a resistance level. On the downside, if the current support is broken, BNB will fall to a low of $200.

Binance Coin (BNB) Indicator Analysis
Binance Coin is at level 38 of the Relative Strength Index for period 14. The altcoin is likely to further decline as it approaches the oversold region of the market. The price bars are below the moving average lines which indicates that the price will fall further. BNB is trading below the daily Stochastic level of 40. It is in a bearish trend and may continue to fall.

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 is currently trading between $220 and $260 as it revisits the $225 support. The cryptocurrency may fall if the current support level is breached. Meanwhile, BNB reversed its November 9 downtrend, and a candle body tested the 61.8% Fibonacci retracement line. According to the correction, BNB will fall to the 1.618 Fibonacci extension, or $201.34.

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