Cryptocurrency Analysts Predict Bearish Forecast for BNB Price
The price of BNB (Binance Coin) is currently at the bottom of the chart, according to cryptocurrency analysts. The resistance at $216, represented by the 21-day line SMA (Simple Moving Average), is slowing down the upward movement of BNB’s price. Currently, the altcoin is fluctuating between $200 and $216, with a value of $215 at the time of writing.
If selling pressure increases, BNB may fall to its previous low of $203. However, if the current support holds, the price could continue within the trading range. Nonetheless, if the support is broken, BNB may drop to as low as $192. For now, the market will likely oscillate between $200 and $216.
BNB Indicator Analysis
BNB has maintained a trading range at the Relative Strength Index (RSI) 46 level for the past 14 periods. The 21-day line SMA has become a resistance line for the price bar. If the price breaks above this moving average, an uptrend will resume. Currently, the bullish momentum has paused above the 80 level of the Stochastic on the daily chart, indicating that BNB is in an overbought zone and could fall further.
Technical Indicators
Key resistance levels for BNB are $300, $350, and $400. On the other hand, key support levels are $200, $150, and $100.
What’s Next for BNB/USD?
BNB is currently in a downtrend and may fall further to its previous low of $203. The altcoin is trading between $200 and $216 per coin, and it is retesting the recent high in an attempt to break it. However, if it fails to break the recent high, BNB may experience a crash.
As previously reported on September 9th, BNB reached a high of $218.80 but was rejected at that level. Buyers are struggling to maintain the price above $220.
Hot Take: BNB Price Faces Resistance and Bearish Outlook
The current analysis of BNB’s price suggests that it is facing resistance at the 21-day line SMA and may fall further if selling pressure increases. The indicators also indicate that BNB is in an overbought zone and could experience a downtrend. Traders should closely monitor the support and resistance levels as they will play a crucial role in determining the future direction of BNB’s price. Overall, the outlook for BNB/USD is bearish, with a potential for further decline.
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