Binance Coin Faces Consistent Rejection at $380, Risks a Fresh Breakdown

Binance Coin has been making a steady upward move after the altcoin found support above $210. For the past five days, buyers have been making frantic efforts to sustain above the $380 high.

The bulls have retested the resistance zone on four occasions without breaking the recent high. The crypto declines to $320 or $340, each time buyers attempt to breach the resistance level. Incidentally, a rally to $500 is likely if the initial resistance is overcome. 

On the upside, if the bullish momentum is sustained above $500, BNB will be out of the bearish trend zone. The BNB/USD will resume upside momentum as the altcoin regains the $500 support level. The altcoin is trading at $377 at the time of writing. The crypto is likely to fall and becomes range-bound if buyers find penetration difficult at the $380 resistance zone. 

Binance Coin indicator reading 

BNB price is below the 21-day and the 50-day SMAs which implies that the crypto is in the bearish trend zone and capable of falling on the downside. The market has risen to level 41 of the Relative Strength Index period 14. It is still in the downtrend zone and below the centerline 50. The altcoin is above the 25% range of the daily stochastic. It indicates that the market is rising.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

Binance Coin has been in a downward move. From the price action, BNB appears to have reversed above $210 support. Meanwhile, on May 4 downtrend; a retraced candle body tested the 23.6% Fibonacci retracement level. This retracement indicates that the market will fall to level 4.236 Fibonacci extension or level $133.10.  

Disclaimer. This analysis and forecast are the author’s personal opinions 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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