Binance Coin Price Analysis: Bearish Outlook
The price of Binance (BNB) coin has fallen below the moving average lines after facing rejection at high price levels of $234 and $239. Currently, BNB is trading between $223 and $234 per coin.
Although further price increases are unlikely due to the rejection at higher levels, there is a risk of a decline if the bears break through the $223 support. In such a scenario, the altcoin may fall further to a low of $203. At present, the altcoin has dropped to $228.20.
BNB Indicator Reading
The moving average lines for BNB have sloped downwards, indicating a downtrend. If the bulls do not buy dips, the downtrend will continue.
Technical Indicators:
Key resistance levels for BNB are $300, $350, and $400, while key support levels are $200, $150, and $100.
What’s Next for BNB/USD?
The cryptocurrency’s upside has been limited by resistance at $230. Currently, BNB is trading in a narrow range between $223 and $230. The price indicator suggests a potential dip in the cryptocurrency with a reversal expected at around $212.
Last week, Binance coin price fell below the moving average lines after reaching a high of $274 on November 21. Although it has returned above the 50-day simple moving average, it remains trapped between the moving average lines.
Hot Take: Bearish Outlook for BNB
The recent decline in Binance coin’s price and its position below the moving average lines suggest a bearish outlook for BNB. While there is a possibility of a reversal at around $212, the altcoin is at risk of further decline if the bears break through the $223 support. Traders should closely monitor the price levels and indicators for BNB/USD to make informed investment decisions.
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