Binance Coin Continues Selling Pressure And Fails to Break $350 High

Binance Coin (BNB) price is in an upward correction after the May 12 price drop.

Binance Coin (BNB) Price Long Term Forecast: Bearish

The BNB price has risen above the 21-day line SMA, but it does not reach the 50-day line SMA. The cryptocurrency price is falling after the recent upward correction. The coin will be forced to move within a range if it declines and finds support above the 21-day line SMA. 

Today BNB/USD is on the retreat and approaching the $320 support. On the downside, BNB will fall and retake the previous lows of $268 and $207 if the bears break below $320 support. If the current support holds against it, the altcoin will rise to the next resistance at $350. A break above the $350 resistance will catapult the coin to the $440 high. Meanwhile, BNB has dropped to the low of $312 at the time of writing.

Binance Coin (BNB) Indicator Reading 

Given the recent upward correction, the altcoin is at level 44 of the Relative Strength Index for period 14. The altcoin is approaching the bullish trend zone. Binance Coin is below the 80% area of the daily stochastic. This indicates that the market is in a bearish momentum.

Technical Indicators: 

Key resistance levels – $700 and $750

Key support levels – $400 and $350

What is the next direction for BNB/USD?

BNB/USD is in an upward correction as it faces rejection at the recent high. The altcoin has reached an overbought condition in the market. Meanwhile, on May 11 downtrend; retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1,272 Fibonacci Extension level or $221.04.

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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