Binance Coin Nears $300 Support Level, Ready for Recovery!

Binance Coin Nears $300 Support Level, Ready for Recovery!

Learn about the long-term forecast for Binance Coin (BNB) and its current support level at $300, as well as technical indicators and the potential next direction for BNB/USD.

Binance Crypto exchange Coin (BNB) has  dropped over the present level of support at $300.

Binance Crypto exchange Coin price longstanding forecast: bearish

Since the price decline on May 11, the digital currency investment has been trading over the 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 the past few price action, buyers were successful as BNB rallied to the upper resistance at $340. At the time of publication, BNB is as of now currently worth $305.10. Nonetheless, the bulls have been defending the existing support since the price declined on May 11. If the present support holds, BNB is very likely boost once more. The resumption of an uptrend is indicated by a price increase. If the present support is broken, BNB will retest the previous low at $280.

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Binance Crypto 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 as of now encountering the resistance of the 21-day line SMA. The oversold area of the market is where the crypto altcoin is as of now trading. BNB is below the stochastic level 20 on a daily timeframe.

Technical indicators:

Key resistance levels – $600, $650, $700

Key support levels – $300, $250, $200

What is the following direction for BNB/USD?

Binance Crypto exchange Coin is trading over the $300 support regardless of the past few decline. The support has not been breached since March 15. It appears unlikely that the negative tendency will continue as the crypto altcoin has reached the oversold area of the market. Nonetheless, in a competitive market, the support may be challenged.

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BNBUSD_(4 –Hour Chart) - May 25.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digital currency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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