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Binance Coin (BNB) Declines, Faces Rejection at $340 High

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Binance Coin (BNB) Declines, Faces Rejection at $340 High


Binance Coin (BNB) Long-Term Analysis: Bearish
Following the June 22 downtrend, Binance Coin corrected upward but was resisted at the $320 high. For the past two weeks, crypto has been fluctuating below the recent high. The altcoin will rise to retest the $440 high if the resistance is breached. However, the crypto is facing rejection and falling. Meanwhile, on June 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will fall to level 1.618 Fibonacci extension or a level of $99.68.

Binance Coin (BNB) Indicator Analysis
The crypto has fallen to level 47 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50. The altcoin is capable of falling in the bearish trend zone. BNB is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum.

BNB/USD – Daily Chart

Technical indicators:
Major ResistancIs ie Levels – $640, $660, $680
Major Support Levels – $540, $520, $500

What Is the Next Direction for Binance Coin (BNB)?
The crypto is in a downward move. On the 4 hour chart, BNB bulls retested the $340 and the $330 highs but could not break the recent high. Meanwhile, on July 8 downtrend; a retraced candle body tested the 61.8%.The retracement indicates that the coin will fall to level 1.618 Fibonacci extension or a level of $277.87. From the price action, the market is falling and approaching the low of $312.

BNB/USD -4 Hour Chart

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