Binance Coin Hovers as Buyers Attempt to Overcome the $250 High

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) price is falling as buyers attempt to overcome the $250 high. The price movement is negligible due to the presence of Doji, small-body indecisive candlesticks. The cost of BNB is now fluctuating between $225 and $250. A price comeback or breakout could be the outcome of the current consolidation. On the plus side, BNB will cross above the moving average lines if buyers manage to overcome the $250 resistance level. The upward trend will continue to the $300 and $350 highs. The market will drop to a low of $198 if the bears succeed in breaking through the existing support. In the meantime, BNB/USD is currently trading at $245.75.

Binance Coin (BNB) Indicator Analysis
BNB is trading mildly at the Relative Strength Index level of 40 for period 14. The altcoin is currently declining and could decline even more. The drop is likely to continue because the price bars are below the moving average lines. BNB is not accepted at the moving average lines. With bullish momentum, BNB is rising over the daily Stochastic threshold of 39.

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 trades in a narrow range as buyers attempt to overcome the $250 high. BNB is declining as a result of the recent high rejection. Following a downward correction on December 16 for BNB, a candle body tested the 78.6% Fibonacci retracement line. According to the correction, BNB will drop but will turn around at the level of the 1.272 Fibonacci extension, or $201.93.

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