Cryptocurrency Analysts’ Report on BNB Price
According to cryptocurrency analysts at Coinidol.com, BNB (Binance Coin) has experienced a significant price drop, slipping below the range-bound zone and breaching the crucial support level of $220.
BNB Price Long-Term Forecast: Bearish
This marks the second significant breakout for BNB. In the initial breakout, the market dropped to a low of $203, but it quickly rebounded as bullish momentum pushed the price up to a high of $235.
Currently, BNB is on a retreat, reaching a low of $214.80 at the time of writing. The altcoin is trading near the lower end of the chart and is in the oversold zone, indicating strong selling pressure. If this downward pressure continues, BNB could revisit its previous low of $203, potentially extending the current trading range to between $203 and $260. Meanwhile, buyers are gradually recovering their losses at the lower end of the market.
BNB Indicator Display
BNB’s fall is reflected in its Relative Strength Index (RSI), which stands at 37 for the 14-day period. The recent decline was triggered by resistance encountered at the moving average lines. The cryptocurrency is expected to continue its downward trajectory as long as the price bars remain below these moving averages. Additionally, the market has entered the oversold zone and is currently below the daily stochastic level of 20.
- Key Resistance Levels: $300, $350, $400
- Key Support Levels: $200, $150, $100
What’s Next for BNB/USD?
BNB is currently in a clear downtrend and is approaching the critical support level of $203. This level has been breached twice as the cryptocurrency’s price continues to decline. The range-bound movement is expected to resume once the support level of $203 is breached. It’s worth noting that the current price movement is characterized by Doji candlesticks, indicating uncertainty in the market.
As previously reported on August 26, during the recent decline, it was anticipated that BNB would reach a low of $196.70. However, based on recent price action, BNB has instead fallen to $203 as bullish investors stepped in to buy the dips.
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.