Binance Coin Is in a Deadlock As It Is Stuck Below $221

Jul 01, 2022 at 11:00 // Price
Coin Idol
Binance Coin is in a deadlock

On June 30, the price of Binance Coin (BNB) fell to a low of $205 as bulls bought the dips. The subsequent upward movement has been stuck at the 21-day moving average line. This means that BNB will continue to fall to the low of $205 and will likely hit the previous low of $183.

On the upside, further upward movement is unlikely due to selling pressure. For instance, the upside move was rejected on June 26 at the high of $245 as the bears pushed the cryptocurrency to the low of $205. Meanwhile, BNB is trading at $223 as of press time.

Binance Coin indicator reading

BNB is at level 40 of the Relative Strength Index of period 14. The altcoin is in the downtrend zone, as it is capable of falling to the downside. Thus, the bulls bought the dips when BNB fell to the low of $205 on June 30. BNB is below the 80% area of the daily stochastic. The market is in bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.

BNBUSD(Daily Chart) - July 1.png

Technical indicators:  

Major Resistance Levels - $300 and $350

Major Support Levels - $200 and $150

What is the next direction for BNB?

Binance Coin is in a downward correction. Selling pressure has reached bearish exhaustion. The cryptocurrency will resume an uptrend if the altcoin returns above the current support. Since June 18, the altcoin has been fluctuating between $183 and $245 price levels.

BNBUSD( Daily Chart 2) - July 1.png

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.

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