Binance Coin (BNB) price is in a downtrend as it rallies above $200 support. Bears took the altcoin down to a low of $183 on June 18, while bulls bought the dips. After the recovery, the BNB price is now fluctuating between $200 and $240.
If the BNB price rallies above the $200 support, the altcoin will rally above the 21-day line SMA. The bullish momentum will extend above the 50-day line SMA or the $300 high. On the other hand, if the altcoin fails to recover, BNB/USD will be forced to fluctuate between $200 and $268. At the time of writing, the cryptocurrency is trading at $224.
Binance Coin indicator reading
BNB is at level 38 on the Relative Strength Index for period 14. The cryptocurrency is resuming the uptrend after the bulls bought the dips. The altcoin is above the 30% area of the daily stochastic. The market has resumed its bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Technical indicators:
Major Resistance Levels – $300 and $350
Major Support Levels – $250 and $200
What is the next direction for BNB?
Binance Coin is in a downward movement. Selling pressure has been exhausted as the market is moving back up. Meanwhile, on May 11 downtrend, a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1.272 Fibonacci extension level or $207. The price retested the 1.272 Fibonacci extension and continues its uptrend.
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-recovers-200/