Binance Coin Holds above $220 as Bears Attempt To Sink It to $183
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downward correction as bears attempt to sink it to $183 low. Since buyers fail to keep the price above the moving average lines, the bears will attempt to push the coin to the current support of $215. On the downside, if the bears reached the current support and break below it, the market will decline to the previous low at $183. On the upside, if the altcoin finds support and rebounds, it will break the resistance at $243 and rally above the moving average lines. The bullish momentum will extend the high of $300.
Binance Coin (BNB) Indicator Analysis
BNB is at level 41 of the Relative Strength Index for period 14. It indicates that BNB is in the downtrend zone and may further decline. The crypto’s price bars are below the 21-day line SMA and 50-day line SMA indicating a possible decline. BNB is below the 40% range of the daily stochastic. The market is in a bearish momentum but a bullish candlestick is appearing for a possible upward move. BNB price is now above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin’s downtrend has reached bearish exhaustion as bears attempt to sink it to $183 low. Since May 12, the altcoin fell to the low of $208 as bulls bought the dips. For the past two months, the downtrend has subsided as the altcoin resumes a sideways trend.
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