Binance Coin Is in a Downtrend as Resumes Consolidation above $272
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downward correction as resumes consolidation above $272. The cryptocurrency has fallen to the low of $275.60 and resumed consolidation above the current support. Since August 19 price slump, BNB/USD has been in a range-bound move. The altcoin has been fluctuating between $272 and $300 price levels. Nonetheless, BNB is trading below the moving average lines. On the downside, the market will decline to $244 low if the current support is breached. On the other hand, buyers will have to keep the price above the $300 high to regain bullish momentum.
Binance Coin (BNB) Indicator Analysis
BNB is at level 43 of the Relative Strength Index for period 14. The coin is in the bearish trend zone because of the recent breakdown. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend. The crypto’s price is below the moving average lines indicating further downward movement of the coin. . BNB is below the 20% range of the daily stochastic. It indicates that the market has fallen to the oversold region.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is in a downward move as resumes consolidation above $272. Meanwhile, on the August 19 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level on March 28. The retracement suggests that BNB will fall to level 1.618 Fibonacci extension or $241.70.
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