Binance Coin Plunges to an Oversold Region but May Reverse at $324 Low

Binance Coin (BNB) price plunged to an oversold region at $323 as bulls bought the dips. The BNB price fell to a low of $323 and pulled back to retest the historical price level of January 22. The current downturn was rejected at the high of $380.

Initially, buyers struggled to break through the $440 resistance level but were rejected after several attempts. As the cryptocurrency reaches the oversold region, the downtrend is expected to ease at the low of $323.80. In the recent price action, the BNB price fluctuated between $340 and $380 before breaking the recent high. Today, a bullish candle appears above the current support for a possible upside move.

Binance Coin indicator reading

The BNB price is at the 33 level of the Relative Strength Index for the 14 period. The altcoin is in a downtrend and has reached the oversold area of the market. The selling pressure will decrease. Altcoin is below the 20% range of the daily stochastic. This indicates that the market is in the oversold region of the market.

Technical indicators:

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB?

Binance Coin is in a downtrend and has reached its bearish exhaustion. Meanwhile, on February 22, the downtrend tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1,272 Fibonacci Extension level or $324.

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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