Binance Coin Bounces Above the $320 Support but Resumes Selling Pressure
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) has fallen to $332.50 low after the price broke below the moving averages. The bulls bought the dips as price corrected upward. The upward correction was terminated at the high of $390. The bears pushed price to the low of $320 but pulled back again. Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will fall to level 1.618 Fibonacci extension or level $247.10.
Binance Coin (BNB) Indicator Analysis
The crypto has a bearish crossover as the 21-day SMA crosses below the 50-day SMA. This indicates a sell signal. BNB is at level 36 of the Relative Strength Index period 14. It indicates that the coin is in the bearish trend zone and capable of falling on the downside. BNB is below the 8% range of the daily stochastic. It indicates that the market is in bearish momentum.
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, the altcoin is in a downward move. On September 26, the bears broke below the $330 support but the bulls bought the dips. Meanwhile, on September 24 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will fall to level 1.618 Fibonacci extension or level $299.80.
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