BNB Faces Further Rejections At $220 As It Enters A New Range

Aug 26, 2023 at 09:23 // Price

The BNB price is correcting upwards

Cryptocurrency price analysis brought by Coinidol.com. The BNB price has fallen below the previous low of the cryptocurrency.

BNB price long term forecast: bearish

During the recent decline, the altcoin was expected to reach a low of $196.70. According to the price action, BNB has fallen to a low of $203 as the bulls bought the dips. If the current support is broken, the market will fall to the 1.272 Fibonacci extension or $196.70.

The bears broke the previous low of $220 and hit a new low of $203. Today, the cryptocurrency price is correcting upwards, although it is facing resistance above the high of $220. If BNB is rejected at the current high, it will be forced to trade in a range. At the time of writing, the altcoin is worth $216.

BNB indicator display

The altcoin is correcting upward while exceeding the Relative Strength Index Level 36 for the period 14. Despite the recent upswing, the cryptocurrency remains in a gloomy trend. As the daily stochastic exceeds the level of 50, the cryptocurrency is rising. The altcoin is moving within a certain range, with the upward momentum experiencing resistance near the recent high.

BNBUSD_(Daily Chart) – AUG. 25.23.jpg

Technical Indicators:

Key resistance levels – $300, $350, $400


Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

After its recent decline, BNB is now trading sideways below the $220 resistance level. The recent high is limiting the upside movement. The market will most likely oscillate between $200 and $220. On the downside, buyers will be attracted if the current $200 support level is breached.

BNBUSD_(4 Hour Chart) – AUG.25.23.jpg

On August 19, 2023 cryptocurrency analytics specialists of Coinidol.com stated that according to the price indicator, the cryptocurrency asset has fallen below the current support level of $220 and may fall further.

BNB completed a downward correction to the upside on June 12 and a candlestick tested the 78.6% Fibonacci retracement line. 

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.com. Readers should do their research before investing in funds.

Source: https://coinidol.com/bnb-new-range/