BNB Is in a Narrow Range as It Remains above $230
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BNB (BNB) Long-Term Analysis: Bearish
BNB (BNB) price has been range-bound as it remains above $230. The altcoin’s previous price range was between $220 and $260. Today, BNB prices are limited to a narrow band of $230 to $250. The moving average lines have restricted the rising movement today. The presence of Doji candlesticks has constrained price movement.
At the time of writing, BNB was trading at $242. BNB is currently stabilizing above the $230 support level. The altcoin will revert to its previous low of $ 220 if the current support is broken. The uptrend will resume if the price moves higher above the current support level.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
Binance Coin (BNB) Indicator Analysis
The crypto asset has dropped to Relative Strength Index level 49 for period 14. As demand and supply balance, the coin’s price has reached equilibrium. The price bars consolidated below the moving average lines while remaining above the current support level of $230. The bullish momentum has stalled above the daily Stochastic threshold of 40.
What Is the Next Direction for Binance Coin (BNB)?
Since June 10, Binance Coin has been trading in a range as it remains above $230. Recently, the coin has dropped to a narrower range. Doji candlesticks have kept the altcoin range bound above the $230 support level. The moving average lines are horizontally slanted, indicating a sideways tendency.
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