In the past week, the price of Binance Coin (BNB) moved in a range. After the downward impulse on January 22, the cryptocurrency reached a low of $339.
The downward trend subsided as the cryptocurrency resumed a sideways movement. On January 26, the BNB price retested the $400 resistance as the altcoin was pushed down.
Binance coin price long term forecast: bearish
Today, the BNB price is falling again after the recent rejection. Meanwhile, the cryptocurrency is in a trading range between $335 and $340, and the altcoin will perform if these price levels are broken. For example, if the bulls break the resistance at $400, the market will rise to $500, where it will experience another rejection. BNB/USD is trading at $369.80 at the time of writing. Binance Coin (BNB) Indicator Display.
The altcoin is at level 32 of the Relative Strength Index for period 14. The cryptocurrency is trading near the oversold region of the market after the recent uptrend. BNB is below the 20% area of the daily stochastic. The altcoin has fallen into the oversold region of the market. The upward movement will continue if buyers appear in the oversold region.
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 trading at the bottom of the chart. BNB has been consolidating above the 1,272 Fibonacci extensions or $333 since the January 22 price drop. The cryptocurrency is oversold and the market is consolidating for a possible upside move.
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-coin-tight-consolidation/