Binance Coin Trades Below $660 High as Buyers Gather for Rebound

Today, November 11, the price of Binance Coin (BNB) fell to a low of $580 as bulls buy the dips. Buyers pushed BNB's price back above the $600 support level to regain the recent high.

Binance Coin (BNB) price long term forecast: bullish

Prior to the recent decline, bulls retested the November 7 high at $660 to break above it. In the following days, the same price action was repeated, but the bulls could not keep the BNB price above this level. 

Today, the cryptocurrency is trying to continue its uptrend, but could face rejection at $640 again. If buyers break through the resistance at $660, BNB could rise above $700. The $700 price level is the historical price level from May 12. The historical price level has not been breached since May 12. On the other hand, if BNB experiences another rejection, the market will fall back to the previous low of $580.

Binance Coin (BNB) indicator display 

The altcoin is at level 66 on the Relative Strength Index for period 14. BNB price was at level 78 when it fell to level 66. The cryptocurrency is still in an uptrend and is capable of further upward movement. BNB is above the 50% area of the daily stochastic. The market has resumed its bullish momentum.

Technical Indicators: 

Key resistance levels – $700 and $750.

Key support levels – $400 and $350

What is the next direction for BNB/USD?

Binance Coin is currently in a sideways movement below the $660 price level. The sideways movement will continue as long as the resistance level remains unbroken. It will be a difficult task for the buyers to overcome the resistance at $700. Currently, the cryptocurrency is facing resistance at $640.

Disclaimer. This analysis and forecast are the personal opinions of the author 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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