Binance Coin Declines Sharply as It Faces Rejection at $300
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downtrend as it faces rejection at $300. On August 19, BNB declined to the low of $276 as bulls bought the dips. The upward correction terminates at the high of $300 as the altcoin resumes a sideways move. On September 11, buyers attempted to keep the price above $300 but were repelled. The cryptocurrency asset has fallen below the moving average lines. Further upward move is being restricted by the 21-day line SMA. Nevertheless, BNB will decline to the lows of $240 and $245 price levels if it turns down from the moving average lines. On the upside, a rebound above the current support will breach the resistance and rally to $322 high.
Binance Coin (BNB) Indicator Analysis
BNB is at level 45 of the Relative Strength Index for period 14. It is in the downtrend zone and may decline. The crypto’s price bars are below the moving average lines indicating a further decline. BNB is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The moving average lines are sloping southward indicating the downtrend.
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 is facing rejection at the moving average lines as it faces rejection at $300. The altcoin risks further decline to the downside. Meanwhile, on the August 19 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to level 1.618 Fibonacci extension or $245.18.
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