Binance Coin Experiences Bearish Exhaustion As It Stays Above $220

Jun 16, 2023 at 08:00 // Price
Coin Idol
Binance Coin has reached bearish exhaustion

Binance Coin (BNB) Price has fallen drastically to a historical low of December 17, 2022.

Binance Coin price long term forecast: bearish

On June 12, the bearish momentum fell to a low of $220.60 as the bulls bought the dips. The breakout is in line with the historical price level of December 17, 2022. BNB is currently trading at $236.60. The cryptocurrency asset has reached bearish exhaustion after falling to the bottom of the chart. Binance Coin is deep in the oversold region of the market. Since the market is oversold, it is unlikely that the cryptocurrency will fall further. If the support level of $220 is maintained, BNB will rise. In other words, buyers will move to the lower price ranges and increase the value of the altcoin.

Binance Coin indicator value

According to the Relative Strength Index for the period 14, BNB has fallen to the value of 26. The cryptocurrency's value has fallen into the oversold zone of the market. As soon as buyers appear, the current selling pressure is expected to subside. The price bars indicate a downtrend as they are well below the moving average lines. When price moves above the moving average lines, selling pressure will have subsided. Below the Stochastic value of 50 on the daily chart, altcoin is in a downward momentum.

BNBUSD(Daily Chart) – June 15.23.jpg

Technical Indicators:

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

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

What is the next direction for BNB/USD?

Binance Coin has passed the point of bearish exhaustion as it hovers above the $220 support. On the 4-hour chart, BNB is trapped between the moving average lines. The altcoin will likely have to move between the moving average lines.

BNBUSD_(4 –Hour Chart) – June 15.23.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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