Binance Coin (BNB) price is in a downtrend and has moved down from the $300 resistance zone. Sellers broke below the moving average lines and reached the low of $256, while bulls bought the dips.
Binance Coin price long term forecast: bearish
The altcoin will fall and regain the previous low at $260. BNB has been fluctuating between $260 and $300 since the price collapse on August 19. The cryptocurrency will fall to the low of $245 if the current support is breached.
On the other hand, if BNB holds above the $260 support, the movement between $260 and $300 will resume. In the past two months, neither the bulls nor the bears have broken this range. In the meantime, BNB retested the current support at $260 when this article was written.
Binance Coin indicator display
BNB has dropped to the 35 level of the Relative Strength Index for period 14. The altcoin may continue to decline as the price bars are below the moving average lines. BNB is below the 20% area of the daily stochastic. Selling pressure has reached bearish exhaustion.
Technical Indicators
Key resistance levels – $600, $650, $700
Key support levels – $300, $250, $200
What is the next direction for BNB/USD?
Binance Coin has declined and is retesting the current support at $260. The cryptocurrency has dropped to the previous low. In the downtrend from August 19, BNB has made an upside correction and a candlestick has tested the 61.8% Fibonacci retracement level. The correction suggests that BNB will fall to the 1,618 Fibonacci Extension level or $244
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
Source: https://coinidol.com/binance-coin-falls-256/