Binance Coin Dips beneath the $300 Low and Resumes Selling Pressure
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) has decreased as it dips beneath the $300 low and resumes selling pressure. The cryptocurrency’s value decreased from $317 at its peak to $281 at its lowest point. On November 26, buyers propelled the cryptocurrency up to a high of $317 with the purpose of buying. Buyers were unable to keep up the bullish momentum above the $320 high, which led to the drop. BNB is overbought as of the $320 barrier level. The bearish momentum will build to a low of $260 when the price declines below the moving average lines. At the time of writing, BNB is currently selling at $281.
Binance Coin (BNB) Indicator Analysis
The Relative Strength Index is at level 44 for period 14. Binance Coin is now trading in the bearish trend zone as a result of the recent decrease. T The price bars are below the moving average lines suggesting further decline. For Binance Coin, the daily Stochastic is below level 20. It suggests that BNB has surpassed the oversold level in the market.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin declines as it dips beneath the $300 low and resumes selling pressure. . It’s conceivable that the current selling pressure will ease. On November 28 downtrend, BNB performed an upward correction; a candle body then tested the 50% Fibonacci retracement level. BNB will decrease to level 2.0 Fibonacci extension, or $260.83.
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