BNB Holds Above $220 As It Returns To Its Trading Range

BNB (BNB) Long-Term Analysis: Bearish
BNB (BNB) price has reached bearish exhaustion as it returns to its trading range. On August 22, the altcoin hit a low of $203.60 as bulls pounced on the decline. The crypto asset recovered and broke above the 21-day simple moving average. The bullish momentum was stifled at the 50-day simple moving average. The crypto asset is trading at $203 at the time of writing.

On the downside, if the crypto retraces and finds support above the $220 mark, BNB will resume its range-bound move between $220 and $260. Since June 10, the altcoin has been in a range-bound move but has been unable to continue a bullish trend above the $260 overhead barrier.

Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200

Binance Coin (BNB) Indicator Analysis
The cryptocurrency experienced a price increase after reaching the Relative Strength Index level of 45 for period 14. As long as the price bars are between the moving average lines, the altcoin will resume its range-bound movement. BNB is now in a downward trend as long as the daily Stochastic barrier of 40 is not crossed. The forward momentum has slowed.

What Is the Next Direction for Binance Coin (BNB)?
Cardano rebounds above $203 support as it returns to its trading range. The cryptocurrency asset is expected to trade between $220 and $260. Buyers must sustain the price above the $260 resistance to re-establish the positive trend. The range-bound move, on the other hand, will continue if the range-bound levels are not broken.

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