Binance Coin Is in a Range as It Challenges the Resistance at $240

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) price fluctuates between $220 and $240 as it challenges the resistance at $240. Since its confinement on June 12, the crypto asset has yet to trend. The altcoin is rising, having broken over the 21-day simple moving average. Bullish momentum has run into resistance at $240.

If BNB falls, it will reach the range-bound zone, forcing it to resume its range-bound journey at the bottom of the chart. The crypto’s price will rally above the moving average lines if the $240 resistance level is broken.The bullish momentum will extend and retest the $340 overhead resistance. Meanwhile, BNB is retracing to the current support level of $220.

Binance Coin (BNB) Indicator Analysis
The altcoin is on the rise, having reached the Relative Strength Index level for period 14. BNB is still in a bearish trend and may fall further. The price bar is higher than the 21-day SMA but lower than the 50-day SMA. As a result, the altcoin will resume its sideways movement.

The altcoin is above the daily Stochastic level of 80. The currency may decline when it approaches the market’s overbought zone.

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 consolidating as it challenges the resistance at $240. Bearish weariness has been reached for the cryptocurrency. The current support is indicated by long candlestick tails. The candlestick tails imply significant buying at lower price levels.

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