BNB Resumes Its Range as It Sways above the $200 Support

BNB (BNB) Long-Term Analysis: Bearish
BNB’s (BNB) price has been falling since the rejection on October 2 as it sways above the $200 support. Buyers were unable to keep up the upward momentum above the $220 high since the market was overbought. The crypto dropped below the moving average lines to a low of $202. Coincidentally, the price of the altcoin fluctuates between $200 and $213.

Following the most recent fall, BNB/USD is wobbling over the $200 support. On the upside, additional gains will be constrained by either the barrier around $213 or the 21-day SMA. Meanwhile, buyers have been defending the $200 level of support, which has been steady since the price decrease on August 22. BNB is currently engaged in a maneuver that limits its range.

The altcoin will recover if it rebounds and the positive momentum is kept above the moving average lines.

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

BNB (BNB) Indicator Analysis
The range-bound move is represented by the horizontal flatness of the 21-day SMA and the 50-day SMA. A bearish exhaustion point has been reached for the altcoin, and the price bars are now below the moving average. The likelihood of a further decrease makes the coin oversold.

What Is the Next Direction for BNB (BNB)?
BNB/USD is correcting upward as it sways above the $200 support. The price range between $200 and $213 has restrained the upward movement. When the resistance at $213 is broken, the altcoin will resume a positive trajectory. Otherwise, the movement will remain restricted to the range.

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