Binanceย Cryptoย exchange Coin (BNB) hasย dropped over theย present levelย ofย support at $300.
Binanceย Cryptoย exchange Coin price longstanding forecast: bearish
Since the price decline on May 11, the digitalย currency investment has been trading over theย present support but below the 21-day line SMA or resistance at $315. On the upside, buyers have been unable to keep the price over the moving average lines and resistance at $315. The 21-day line SMA stopped the upward movement. In theย pastย few price action, buyers were successful as BNB rallied to the upper resistance at $340. Atย theย timeย ofย publication, BNB is asย ofย now currentlyย worth $305.10. Nonetheless, the bulls have been defending the existing support since the price declined on May 11. If theย present support holds, BNB isย veryย likely boost onceย more. The resumption of an uptrend is indicated by a price increase. If theย present support is broken, BNB will retest the previous low at $280.
Binanceย Cryptoย exchange Coin indicator display
The price of BNB has remained constant at the 40 level of the Relative Strength Index for the 14 period. BNB is sliding as the price bars are below the moving average lines. The price bars are asย ofย now encountering the resistance of the 21-day line SMA. The oversold area of the market is where the cryptoย altcoin is asย ofย now trading. BNB is below the stochastic level 20 on a dailyย timeframe.
Technical indicators:
Key resistance levels โ $600, $650, $700
Key support levels โ $300, $250, $200
What is theย following direction for BNB/USD?
Binanceย Cryptoย exchange Coin is trading over the $300 support regardlessย of theย pastย few decline. The support has not been breached since March 15. Itย appears unlikely that the negative tendency will continue as the cryptoย altcoin has reached the oversold area of the market. Nonetheless, in a competitive market, the support mayย be challenged.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digitalย currency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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