BREAKDOWN OF KEY POINTS:
- BNB price has slipped below the range bound zone and below $220 support.
- BNB is currently on the retreat, hitting a low of $214.80 at press time.
- BNB is trading near the bottom of the chart and in the oversold zone of the market.
- BNB is falling as it reaches the Relative Strength Index of 37 for the period 14.
- BNB is in a downtrend and approaching the current support level of $203.
WHAT TO EXPECT FOR BNB/USD?
If the selling pressure continues, BNB could fall back to its previous low of $203. The altcoin is currently in a downtrend and approaching the support level of $203. The range bound move will resume once the current support level is breached. Keep an eye on the Doji candlesticks for potential price movement.
HOT TAKE:
BNB’s price has slipped below key support levels, indicating a bearish long-term forecast. The altcoin is currently in a downtrend and approaching a critical support level of $203. If selling pressure continues, BNB could fall further. It is important to monitor price action and candlestick patterns for potential price movement. The market indicators suggest that BNB will continue to fall as long as it remains below the moving average lines and in the oversold zone.
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