Binance Coin Reaches Bearish Exhaustion above The $220 Low
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) has dropped to the bottom of the chart as it reaches bearish exhaustion above the $220 low. As BNB finds support above the $220 low, the decline has reached bearish exhaustion. The historical price level of December 17, 2022 is the current support. Further selling pressure is unlikely now that the coin has reached oversold territory. Since June 12, the altcoin’s price has ranged between $220 and $250. The current support is holding as the crypto makes an upward correction. The upward trend is encountering an initial stumbling block at $250.If the current resistance is overcome, BNB will rise to $ 300.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
Binance Coin (BNB) Indicator Analysis
For period 14, BNB is at Relative Strength Index level 34. After reaching an oversold market region, the coin is correcting upward. The price bars are lower than the moving average lines, indicating a downward trend. The altcoin is rising above level 80 of the daily Stochastic. The altcoin will soon lose its bullish momentum.
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin has fallen to the bottom of the market as it reaches bearish exhaustion above the $220 low. BNB has been trading above the $220 support level since June 12. The coin is retesting the market’s overbought region. If the altcoin is rejected at the recent high, the range-bound move may continue.
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