Binance Coin (BNB) price risks a decline as the altcoin falls back below the 21-day line SMA. After falling to the low of $301, there was a pullback to the high of $308 today, with buyers trying to reclaim the 21-day line SMA.
On the upside, BNB will regain resistance at $336 if buyers are successful. Beyond that, a rally to $403 is possible if the overriding resistance is overcome. However, if the bears continue their current slide, the market will fall to the next support above the 270 support of the 50-day line SMA. In the meantime, the NBB price is rising again, reaching a high of $308 at the time of writing.
Binance Coin indicator reading
BNB is at level 55 of the Relative Strength Index for period 14. The altcoin is in the bullish trend zone and could continue to move higher. BNB is below the 20% area of the daily stochastic. This indicates that the market is in oversold territory. Buyers have emerged as the altcoin has moved back up. The 21-day line SMA and the 50-day line SMA are sloping upwards, indicating an uptrend.
Technical indicators:
Major Resistance Levels – $600, $650, $700
Major Support Levels – $400, $350, $300
What is the next direction for BNB?
Binance Coin has fallen as it has reached a bearish exhaustion. Meanwhile, on August 14 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that BNB will fall to the 2.0 Fibonacci Extension level or $307.42. The price action shows that BNB price will rise again after testing the Fibonacci extension.
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.
Source: https://coinidol.com/binance-coin-301-support/