Binance Coin (BNB) Pushes on the Downside, Further Selling to $260 Low Is Likely
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) has been in a downward move from the high of $704. After the breakdown above $336, BNB resumed a range bound between $330 and $380. The crypto was in a downward correction for two weeks before the resumption of the selling pressure. Today, crypto has fallen above $306. A further downward move is likely.
Binance Coin (BNB) Indicator Analysis
BNB has fallen to level 37 of the Relative Strength Index period 14. The crypto is approaching the oversold region of the market. Also, the altcoin is in the downtrend zone and below the centerline 50. BNB is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum.
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 price is below the moving averages which suggest a further downward movement of prices. Meanwhile, on June 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the coin will fall to level 2.0 Fibonacci extension or a level of $257.97.From the price action, the selling pressure has resumed below $300 support.
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