Binance Coin Trades in a Tight Range as It Struggles below $250
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) price has been trading above the $225 support as it struggles below $250. The $250 high restricts further upward movement. In other words, the price of BNB is tightly ranged between $225 and $250. The crypto’s price underwent two retests of the resistance at $250 before starting to consolidate below it. Due to the presence of Doji candlesticks, and small-bodied indecisive candlesticks, the price movement has been stagnant. If buyers manage to get past the $250 resistance, BNB will rise above the moving average lines. On the other hand, if the current support is broken, BNB/USD will fall to its recent low of $200.
Binance Coin (BNB) Indicator Analysis
The Relative Strength Index is at 37 for period 14. The RSI hasn’t changed due to the recent price consolidation. Price bars that are lower than the moving average lines suggest that the price will continue to decline. The daily Stochastic level of 40 is being traded below BNB. It is falling and may continue to do so in a bearish trend.
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 will likely continue to fall as it struggles below $250. The altcoin is currently fluctuating within a narrow range between $225 and $250. Once the current support is broken, the cryptocurrency will start to fall.
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