Binance Coin Hovers above $260 Support as It Targets the $200 Low
Nov 17, 2022 at 14:02 //
PriceBinance Coin (BNB) price is in a downtrend and approaching its previous range. BNB climbed in an uptrend to a high of $397.
However, the uptrend was temporary as it started to fall between the range bound zone. BNB is currently trading at a low of $264. If the bears manage to break the lower price of $260, the altcoin will continue to fall to its low of $200 or $196. On the other hand, if the buyers hold the current support, BNB will move in a band between $260 and $300.
Binance Coin indicator reading
BNB's Relative Strength Index is at 38 for the 14 period, and the cryptocurrency fell as it approached the oversold area of the market. As the price bars are below the moving average lines, it is likely that the cryptocurrency will decline. Binance Coin is below the daily stochastic level of 20, indicating that the altcoin is currently trading in an oversold area. Bearish exhaustion has been reached in the downturn.
Technical indicators:
Major Resistance Levels - $600, $650, $700
Major Support Levels - $300, $250, $200
What is the next direction for BNB?
Binance Coin is in the area of the downtrend. The altcoin is just above the $260 support. If the current support is broken and the negative momentum continues, the selling pressure will increase again. BNB price corrected upwards during the downtrend on November 9 and a candlestick tested the 61.8% Fibonacci retracement line. After the correction, BNB will fall to the 1.618 Fibonacci extension level, or $196.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow