Binance Coin (BNB) price is moving positively after rising above the 21-day moving average line.
The current upward movement will accelerate when the BNB price crosses the 50-day moving average line. The cryptocurrency will rise and retest the resistance at $440. Today, BNB has reached a high of $386.10 at the time of writing.
The bottom line is that the bullish scenario will be nullified if the bulls fail to break above the 50-day moving average. The cryptocurrency will be forced to trade between the moving averages for a few days. In other words, the bears will try to push the price below the strong support at $350. It is worth remembering that the cryptocurrency has been moving between the prices of $350 and $440.
Binance Coin indicator reading
The price of BNB is at the level 50 of the Relative Strength Index for the period 14, which indicates that there is a balance between supply and demand. The price of the cryptocurrency is between the moving averages, which indicate a possible price fluctuation. The 50-day line and the 21-day line of the moving averages are inclined horizontally, indicating a sideways trend. Binance Coin is above the 80% area of the daily stochastic. The market is in a bullish momentum. In addition, the BNB price has reached an overbought area of the market.
Technical indicators:
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB?
Binance Coin is in the bullish trend zone as the altcoin breaks above the moving averages. It is approaching resistance at $400. Meanwhile, the March 16 uptrend has a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that BNB will rise but reverses at the Fibonacci extension of 1.272 or $391.
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/bnb-380-high/