BNB Is in Decline as It Approaches Critical Support at $220

BNB (BNB) Long-Term Analysis: Bearish
The price of BNB (BNB) is falling below the moving average lines as it approaches critical support at $220. The bears have broken below the 50-day SMA for the second time. The altcoin dropped sharply below the moving average lines for the first time before rising to trade between them. Today, selling pressure has returned as the price falls below the 50-day moving average.

BNB/USD is now trading at $227.10. The drop is reaching the critical support level of $220. If the altcoin loses its current support, it will fall to a low of $203. Following that, BNB will begin its price range between $200 and $220. In contrast, if the cryptocurrency remains above $220, BNB will trade between $220 and $260.

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

BNB (BNB) Indicator Analysis
BNB price bars are currently below the moving average lines, which may hasten the price decline. The price movement is currently modest due to Doji candlesticks. The moving average lines are drifting lower due to the recent decline.

What Is the Next Direction for BNB (BNB)?
Binance Coin’s price has dropped below the moving average lines as it approaches critical support at $220. The price indicator has suggested that the coin may fall. BNB made an upward corrective on the November 22 price slump, and the candle body tested the 78.6% Fibonacci retracement level. The correction predicts that BNB will decline but then reverse at the 1.272 Fibonacci extension or $212.80 level.

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