Binance Coin Retraces to $408 Breakout Level as It Struggles to Breach $440 High
Binance Coin's (BNB) price has completed a slight upward movement as the bulls break through the resistance at $400.
BNB price has also risen above the 21-day moving average line, but has not broken above the 50-day moving average line. BNB/USD would have risen to a high of $540 if the bulls had broken above the 50-day moving average line.
The cryptocurrency is now trading above the 21-day moving average line, but below the 50-day moving average line. This indicates that the cryptocurrency price is likely to fluctuate between the moving averages. However, the uptrend was short-lived as the altcoin bounced off the $440 high. It has retraced to the breakout level of support at $408. The downward correction will continue if BNB loses the $408 support. In the meantime, the altcoin is fluctuating between the $408 and $440 levels.
Binance Coin indicator reading
The cryptocurrency is at the 50 level of the Relative Strength Index of period 14, indicating that there is a balance between supply and demand. The altcoin is above the 30% range of the daily stochastic. This indicates that the market has resumed its bullish momentum. BNB price bars are between the moving averages, so the price will fluctuate.
Technical indicators:
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB?
Binance Coin has resumed its uptrend after the price rose above the moving averages. Currently, BNB is struggling to break above the high at $440. Meanwhile, the February 8 uptrend has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to the 2.0 Fibonacci Extension level or $529.90.
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.
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