Binance Coin Is In A Renewed Decline As It Threatens To Drop To $200

Binance Coin (BNB) has been trading above $225 support since December 16.

Binance Coin price long term forecast: bearish

After coming under selling pressure at the $280 resistance zone, the bears broke through the $249 support. Since July 13, $249 support has held. As the bulls bought the dips, the altcoin fell to a low of $225 in the last few days. Later, the BNB price rebounded to reach the previous high, but was stopped at $249. The previous support level of $249 has turned into a resistance level after the recent price decline. The price of the cryptocurrency is falling and approaching the current support level of $225. If the current support is breached, BNB/USD could fall to the $200 level.

Binance Coin indicator display 

For the 14 period, the Relative Strength Index is at 38. Due to the recent price consolidation, the RSI has remained stable. The price bars below the moving average lines indicate that the price will continue to fall. BNB is trading below the daily Stochastic of 40. It is in a bearish trend and could fall further.

Technical indicators 

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

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

What is the next direction for BNB/USD?

As for the price indicator, the cryptocurrency value is likely to fall further. After the recent rejection of the peak of $249, the altcoin is declining. BNB corrected upwards on November 9, and a candlestick tested the 61.8% Fibonacci retracement line. After the correction, BNB will fall to the Fibonacci extension of $1.618, or $201.34. According to the price action, BNB has fallen to a low of $245 at the time of writing.

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.