Binance Coin Is in a Downward Correction as Price Rebounds above $350 Support
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has fallen below the moving averages as price rebounds above $350 Support. The current downward move was created as buyers attempted to break the $440 resistance level on two occasions. The cryptocurrency fell to the low of $355 and held above the current support. On January 22 price slump, the market fell to the low of $339 which was an oversold region of the market. Presently, the current price fall has reached the oversold region of the market. A further downward move is unlikely as the selling pressure reaches bearish exhaustion.
Binance Coin (BNB) Indicator Analysis
BNB/USD is at level 47 of the Relative Strength Index period 14.
The recent retracement has pushed the altcoin to the downtrend zone. The crypto’s price is below the 21-day SMA and the 50-day SMA indicating a possible downward move. BNB is below the 20% range of the daily stochastic. Binance Coin has reached the oversold region. Buyers are emerging in the oversold region of the market.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
On the 4 hour chart, Binance Coin is in a downward move as price rebounds above $350 Support. The cryptocurrency was earlier in a sideways trend as altcoin faced rejection at the $440 high. Today, the bears have the upper hand as price breaks below the moving averages to reach the low of $349. BNB’s price has rebounded above the current support as the market reaches the high of $366.10.
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