Binance Coin (BNB) price is in a downward correction as the price breaks below the moving averages. The failure of the bulls to get above the moving averages led to another downward correction.
Binance Coin (BNB) price long term forecast: bearish
The cryptocurrency is forced to move sideways as buyers fail to keep the price above the moving averages. In other words, the bulls fail to break through the resistance at $430.
The BNB price could have rallied to $500 or $580 if this resistance was overcome. Since February 7, the bears have offered strong resistance at the $430 high. Similarly, the bulls have been defending the $350 support since the January 22 price collapse as the altcoin holds above the current support. This has led to the price moving between $350 and $430. BNB/USD is trading at $374.90 at the time of writing.
Binance Coin (BNB) Indicator Reading
The BNB price is at level 45 of the Relative Strength Index for the period 14. The recent decline has pushed the altcoin into the downward zone and it is below the midline 50. The altcoin is below the 50% area of the daily stochastic. 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?
Binance Coin is in a downward movement after the recent recoveries. During the rally on February 28, the BNB price reached the high of $402, but was retraced by the cryptocurrency to the previous low of $350. The cryptocurrency will move downwards if the price levels of $350 and $430 are breached.
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.
Source: https://coinidol.com/bnb-price-350-support/