Binance Coin Falls As Buyers Fail To Maintain Price Above $320

Dec 08, 2022 at 15:46 // Price
Coin Idol
The moving average lines for Binance Coin have been breached

Binance Coin (BNB) price has fallen after dropping below the moving average lines. The cryptocurrency's value fell from a high of $317 to a low of $281.

Binance Coin price long term forecast: bearish

Looking to buy, buyers pushed the cryptocurrency to a high of $317 on November 26. The plunge resulted from buyers' inability to maintain bullish momentum above the high of $320. From the $320 resistance level, BNB is overbought. If the price falls below the moving average lines, the bearish momentum will strengthen to the downside and reach a low of $260. At the time of writing, BNB is trading at $286.20.

Binance Coin indicator display 

For period 14, the Relative Strength Index is at level 47. Due to the recent decline, the altcoin is currently trading in the bearish trend zone. However, the price bars are below the moving average lines, which indicates that the cryptocurrency price will continue to fall. The daily stochastic for Binance Coin is below level 20, which means that BNB has passed the point where the market is oversold. There will be less selling pressure.

BNBUSD(Daily Chart) - December 8.22.jpg

Technical indicators 

Key resistance levels - $600, $650, $700

Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

The moving average lines for Binance Coin have been breached, indicating a further decline in the cryptocurrency. The market has now reached the oversold zone. The current selling pressure is likely to subside. BNB made an upward correction during the downtrend on November 10; a candlestick then tested the 61.8% Fibonacci retracement level. After the correction, BNB will fall to the 1.618 Fibonacci extension level or $202.60.

BNBUSD(Daily Chart 2) - December 8.22.jpg

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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