A downward correction is taking place in the price of Binance Coin (BNB) as the value of the cryptocurrency drops to levels similar to those seen in the past.
Price prediction for Binance Coin over the long term is pessimistic.
Since August 19, the price of one bitcoin in bitcoin cash has ranged between $272 and $300 in the prior price movement. On September 6, however, when the altcoin reached its all-time low of $261.50, sellers were able to push through the $272 resistance level. Nevertheless, purchasers stepped up their activity, which resulted in the price reaching its earlier high.
These days, purchasers are having a difficult time regaining the former support level, which has now become a level of resistance. The cryptocurrency is also encountering opposition from the 21-day simple moving average line. If the cryptocurrency is able to break above its moving average lines, it will restore the bullish momentum it had earlier. The price of BNB will be propelled to a rally over the $334 high if the moving average lines are broken to the upside. On the other hand, if the cryptocurrency moves away from the moving average lines, the price of BNB will drop all the way down to $261. In the future, the impetus to the downside will extend all the way down to $220 and $244.
The indication display for Binance Coin
On the Relative Strength Index for the period 14, BNB is now positioned at level 45. Despite the recent upward reversal, the altcoin is still in the zone of a bearish trend. The price bars for the cryptocurrency are now situated below the moving average lines, which is indicative of an ongoing decrease. BNB’s price is currently trading higher above the 25% level of the daily stochastic. This suggests that the market is moving higher, which is optimistic for the momentum. Both the simple moving average (SMA) line of 21 days and the simple moving average (SMA) line of 50 days are trending downward, indicating a downward trend.
Indicators of a Technical Nature:
Important levels of opposition: $600, $650, and $700
Important levels of support: $300, $250, and $200
Where will the BNB/USD exchange rate go from here?
The Fibonacci tool predicts that Binance Coin will continue to decline until it reaches its prior low point. During this time, a retraced candle that was part of the downward trend that began on August 19 tested the 61.8% Fibonacci retracement line. The retracement gives the impression that BNB would decline to the 1,618 Fibonacci extension level, which is equivalent to $245.18.