Cryptocurrency Analysts Report: BNB Price Drops Below $220 Support
Cryptocurrency analysts at Coinidol.com have reported that the price of BNB (Binance Coin) has experienced a significant decline, falling below the crucial support level of $236 and reaching a low of $215.30.
BNB Long-Term Price Forecast: Bearish
Based on the current price indicators, it is evident that the cryptocurrency asset BNB has breached the critical support level of $220, indicating the potential for further downward movement in its price.
On June 12, BNB completed a downward correction towards the upside and a candlestick tested the 78.6% Fibonacci retracement line. This correction suggests a potential decline in BNB’s price, with a possible reversal occurring at the Fibonacci extension level of 1.272, equivalent to $196.70. As of now, the bearish momentum has driven the price down to $215, and it is anticipated that this downward pressure will gradually subside as the market approaches the oversold area.
BNB Indicator Analysis
BNB’s Relative Strength Index (RSI) for the 14-period has drastically dropped to a value of 22, indicating that the market has entered the oversold region. Notably, the cryptocurrency is currently in a downtrend as its price bars remain positioned below the moving average lines. Furthermore, BNB is trading below the daily stochastic threshold of 20, reinforcing the notion that BNB is oversold. It is anticipated that the bearish momentum will gradually diminish.
Technical Indicators
Key Resistance Levels: $300, $350, $400
Key Support Levels: $200, $150, $100
BNB/USD: What’s Next?
BNB has been in a downtrend for the past two months, following a period of consolidation. The cryptocurrency is currently experiencing heightened selling pressure after breaking the $220 support level. This ongoing decline is projected to persist until the price reaches the anticipated low of $196.70. Subsequent to that, the price of BNB is expected to rebound above the present support level.
As previously reported on August 11, the doji candlesticks have been consolidating just above the current support level. As of the time of writing, BNB is trading at $240.50.
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