Binance Coin (BNB) Price Analysis: Bearish Long-term Outlook
In recent days, the slide in Binance Coin (BNB) price has decelerated as bullish momentum holds above the $470 support level. Despite trading below the moving average lines, the altcoin has managed to stay above the critical $470 support level over the past week.
Resistance and Potential Decline for BNB Price
- Buyers faced rejection on August 11 while attempting to sustain the price above the 21-day Simple Moving Average (SMA).
- BNB is currently undergoing a corrective phase, encountering resistance at the moving average lines.
- A return to the previous high of $620 is plausible if buyers can maintain the price above the moving average line.
- However, a further decline seems probable as BNB is poised for another setback.
Support Levels and Indicator Analysis
- If bearish pressure intensifies, the altcoin might dip below the 1.618 Fibonacci extension or the $294 level.
- A breach below the 50-day SMA or the $410 low could trigger a significant downward move for BNB.
- On the daily chart, price bars are positioned below the moving average, signaling rejection on August 11.
- Persisting within the moving average lines may result in continued price fluctuations for BNB.
Key Resistance and Support Levels
- Resistance Levels: $600, $650, $700
- Support Levels: $400, $350, $300
Future Price Direction for BNB/USD
The prevailing trend indicates a potential decline towards the 1.618 Fibonacci extension level at $294 for BNB. Currently, the altcoin is trading within a range bordered by the $470 support level and resistance at $540, situated below the moving average lines. Any upside correction may encounter resistance near the recent high level, leading to possible rejection.
Previous Market Movement of BNB
Prior reports have indicated a decline in the price of Binance Coin (BNB), with the altcoin falling below the moving average lines. However, the descent halted above the 50-day SMA on August 5, suggesting a temporary stabilization in the market.
Hot Take: Conclusion on BNB Price Analysis
In conclusion, the current outlook for Binance Coin (BNB) suggests a bearish trajectory in the long term, with the altcoin facing resistances and potential declines. Traders and investors should closely monitor key support and resistance levels to gauge future price movements and adjust their strategies accordingly. Stay informed about the latest developments in the BNB market to make well-informed trading decisions.
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