Binance Coin (BNB) price is in an upward correction. In the last 48 hours, the altcoin was in an uptrend.
Binance Coin (BNB) price long term forecast: bearish
Today, BNB price is facing rejection at the $500 resistance zone. The $500 resistance zone is an overbought area of the market. If the bulls overcome the $500 resistance, the BNB price will rally above the moving averages.
Incidentally, this will lead to the cryptocurrency resuming its uptrend. The break above the moving averages will automatically break through the resistance at $560. If the buyers are successful, the cryptocurrency will rise and retest the $640 price level. On the other hand, if the cryptocurrency is rejected at the recent high, the market will enter a trading range. The cryptocurrency will then fluctuate between $430 and $510.
Binance Coin indicator reading
Due to the short uptrend, BNB is at level 46 of the Relative Strength Index for the period 14. The altcoin is in the downtrend zone and below the midline 50. The cryptocurrency is above the 40% range of the daily stochastic. This indicates that the market is in a bullish 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 short uptrend but trading in the downtrend zone. A bullish trend line indicates the support levels of the price. The uptrend is terminated when the price falls below the trend line. The uptrend is at the resistance zone at $490. If the bulls fail to break the resistance, the movement in the range will resume.
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/binance-price-rebounds-above/