BNB Falls As It Extends Its Price Range To Over $200

Cryptocurrency analysts of Coinidol.com report, BNB price has slipped below the range bound zone and below $220 support.

BNB price long term forecast: bearish

This will be the second breakout. On the first breakout, the market fell to a low of $203, but the bulls bought the dips. Bullish momentum reached a high of $235 before being pushed back.

The altcoin is currently on the retreat, hitting a low of $214.80 at press time. On the downside, BNB is trading near the bottom of the chart and in the oversold zone of the market. If the selling pressure continues, the altcoin could fall back to its previous low of $203. In other words, the current trading range will be extended to the $203 and $260 levels. In the meantime, buyers are recovering their losses at the lower end of the market.

BNB indicator display

BNB is falling as it reaches the Relative Strength Index of 37 for the period 14. The recent decline was triggered by resistance at the moving average lines. The cryptocurrency will continue to fall as long as the price bars remain below the moving lines. The market has reached the oversold zone. It is below the daily stochastic level of 20.

Technical Indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

BNB is in a downtrend and approaching the current support level of $203. The previous critical support level of $220 was breached twice while the cryptocurrency is falling. The range bound move will resume once the current support level of $203 is breached. Doji candlesticks obscure the current price movement.

As we reported on August 26, during the recent decline, the altcoin was expected to reach a low of $196.70. According to the price action, BNB has fallen to a low of $203 as the bulls bought the dips. 

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.com. Readers should do their research before investing in funds.