The price of Binance Coin (BNB) is in a downtrend as the altcoin fell to the low of $275 on August 28.
Binance Coin price long term forecast: bearish
Since August 19, BNB/USD has been moving in a range between $272 and $300 price levels. The upward movement is hindered by the heavy rejection at the recent highs. Buyers tried to push the cryptocurrency to the previous highs but were rejected. The altcoin is bearish as it faces another rejection at the $291 high. On the downside, BNB will fall to a low of $244 if the current support is broken. Conversely, buyers will need to keep the price above the $300 high to regain upside momentum. In the meantime, BNB is trading at $276.0 at press time.
Binance Coin indicator display
BNB is at level 40 on the Relative Strength Index for period 14. The altcoin is in the downtrend zone as it is vulnerable to a further decline. The price bars are also below the moving average line, indicating further downward price movement. BNB is below the 20% area of the daily stochastic. This means that the market has fallen into the oversold area. The 21-day line SMA and the 50-day line SMA are downward sloping, indicating a downward trend.
Key resistance levels – $600, $650, $700
Key support levels – $300, $250, $200
What is the next direction for BNB/USD?
Binance Coin has continued its downtrend as it falls below the moving average lines. Meanwhile, the downtrend from August 19 has a candlestick body testing the 61.8% Fibonacci retracement level from March 28. The retracement suggests that BNB will fall to the 1.618 Fibonacci extension level or $242.00.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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