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Binance Coin (BNB) Revisits $210 Support, Selling Pressure May Resume

July 5, 2021

#Binance Coin#BNB#BNB/USD#Price Analysis



Binance Coin (BNB) Long-Term Analysis: Bearish
Since June 22, Binance Coin (BNB) plunged to $224 as bulls bought the dips. The price corrected upward to $320 and resumed consolidation above the current support.BNB price has been fluctuating between $265 and $320. The market has been characterized by small body indecisive candlesticks called Doji and Spinning tops. Meanwhile, on June 9 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the coin will fall to level 1.618 Fibonacci extension or a level of $244.90.

Binance Coin (BNB) Indicator Analysis
Binance Coin has fallen to level 44 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. The altcoin is capable of falling in the bearish trend zone. BNB is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum.

BNB/USD – Daily Chart
 Technical indicators:

Major ResistancIs ie Levels – $640, $660, $680
Major Support Levels – $540, $520, $500

What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is in a sideways move below the resistance at $310. The upward move has been restricted below the $310 high. Meanwhile, on June 30 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the coin will fall to level 2.618 Fibonacci extension or a level of $227.57.

BNB/USD – 4 Hour Chart

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