Binance Coin (BNB) Breaks Down From 348-Day Support Line
Binance Coin (BNB) is approaching a long-term help stage near $280 however has but to indicate any clear bullish reversal indicators.
BNB has been falling since reaching an all-time excessive worth of $691.80 on Might 10 2021. It created a decrease excessive of $669 (pink icon) in Nov 2021 earlier than resuming its downward motion.
The lower took the worth right down to a long-term ascending help line in Jan. This initiated a bounce, which nonetheless was quick lived. On Might 5, the worth broke down from the help line and has reached a low of $289 thus far.
The closest help space is close to $270, created by the Might 2021 lows.
Technical indicators within the weekly timeframe are bearish. The principle cause for that is the truth that the RSI has now fallen beneath 50 (pink icon). The cross above 50 of the weekly RSI (inexperienced icon) preceded your complete upward motion in direction of the all-time excessive.
Moreover, the MACD is falling and is sort of into unfavourable territory.
The principle help space for BNB is at $280, as beforehand outlined. That is additionally the 0.618 Fib retracement help stage. If it fails, the 0.786 Fib retracement help stage could be at $170.
Future BNB motion
Technical indicators within the every day timeframe help the continuation of the downward motion in direction of the aforementioned help space.
The principle cause for that is the reducing MACD and RSI, and the breakdown of the latter from its ascending pattern line (pink icon).
Moreover, the RSI is properly beneath 50 and the MACD is unfavourable.
The 2-hour chart exhibits that BNB has been following a descending resistance line since Might 6. As a result of bearish readings from the every day timeframe, the almost definitely situation would point out a rejection from this line, which might result in the continuation of the downward motion.
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