Binance Coin Holds Above $207 as Bears Threaten To Short

The price of Binance Coin (BNB) has fallen and has regained the previous low of $207. Bears undercut the previous low twice before pulling back.

In short, the BNB price is fluctuating between $200 and $230. The bulls have tried to break the $230 resistance level three times, but have been rebuffed. 

On June 15, the bulls were on the verge of breaking through the recent high, but were beaten back. After the rejection, the altcoin is in a downward movement. If the bulls break through the initial resistance at $230, the altcoin will move up and retest $330 or the 21-day line SMA. On the downside, if the bears break below the current support, the market will drop low to $186. In the meantime, BNB/USD is trading at $216 at the time of writing. 

Binance Coin indicator reading

BNB is at level 25 on the Relative Strength Index for period 14. The altcoin is still in the oversold region of the market. Selling pressure is expected to reach bearish exhaustion when buyers appear in the oversold region. The price bars are far below the moving averages, indicating a possible decline to the downside. In addition, BNB is below the 20% range of the daily stochastic. The price is also trading in the oversold area of the market.

Technical indicators:  

Major Resistance Levels - $400 and $450

Major Support Levels - $300 and $250

What is the next direction for BNB?

Binance Coin is in a downtrend as the altcoin has regained the previous low of $207. The cryptocurrency is still fluctuating above the previous low. Meanwhile, on May 11 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1,272 Fibonacci Extension level or $207.51. The price action shows that the altcoin is fluctuating above the 1.272 Fibonacci extension.

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 own research before investing funds.