BNB Is In a Range as It Faces Rejection at $241
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BNB (BNB) Long-Term Analysis: Bearish
BNB (BNB) price has been in a range between $220 and $260 as it faces rejection at $241. The candlesticks represent buyers’ and sellers’ uncertainty about the market’s direction. Neither buyers nor sellers have broken the range-bound levels in the last month.
As long as the Doji candlesticks persist, the range bond movement will continue. At the time of writing, BNB is trading at $240. The upward trend is being met with resistance at the $ 241 high. If the selling pressure persists, BNB will fall to the support level of $220.
On the plus side, if the altcoin rebounds and breaks through the $260 barrier level, BNB will resume its upward trajectory. The market will rise to the high of $320.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
Binance Coin (BNB) Indicator Analysis
BNB is at Relative Strength Index level 46 for period 14. The altcoin is in a downward trend and may crash. The price bars are now below the 21-day SMA, but they have been fluctuating below and above it. The coin has resumed bullish momentum above the daily Stochastic level of 40.
Bullish moves have been limited below $1,880.
What Is the Next Direction for Binance Coin (BNB)?
BNB/USD existing support and resistance levels hold as it faces rejection at $241. Doji candlesticks are present, which is why BNB is currently trading slightly higher. Today, BNB is trading below the moving average lines, indicating a rejection of the previous high.
It might fall to the important support level of $220.
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