Binance Coin Consolidates Over $300 As It Threatens To Crash

Jun 03, 2023 at 08:28 // Price
Coin Idol
Binance Coin has continued to turn above the $300 support

Binance Coin (BNB) is dropping below the moving average lines.

Binance Coin price long term forecast: bearish

The cryptocurrency price is settling above the crucial support level of $300, but the rising momentum has stopped below the high of $320. The rising movement was stopped either by the $320 barrier or the moving average lines. The value of the altcoin at the time of writing is $307.10. The $300 support has been stubbornly defended by the bulls since March 15. In the past two months, it has been difficult for sellers to overcome the current support. Currently, long candlestick tails indicate active buying at lower price levels. However, if the existing support is lost, the BNB price will continue to decline and eventually reach a low of $280.

Binance Coin indicator display

The Relative Strength Index for the 14 period has remained constant at 41 due to the current consolidation. The current decline is due to the price bars continuing to trade below the moving average. Currently, the bullish momentum has dropped below the threshold of the daily chart's stochastic. The horizontal slope of the moving average lines indicates a movement that is within the trading range.

BNBUSD(Daily Chart) – June 2.23.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 continued to turn above the $300 support. The price of the asset has remained constant in a small range between $300 and $320. BNB will either fall quickly or rise if the consolidation process is not stopped.

BNBUSD_(4 –Hour Chart) – June 2.23.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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