Binance Coin Fails to Rebound as It Declines Below $230 High

The price of Binance Coin (BNB) is in a downward correction as the cryptocurrency falls below its moving average lines. On July 10, BNB was pushed down high at $243 as the altcoin fell to the low of $216.

Bulls bought the dips but were slowed down by the 21-day line SMA. The altcoin is bearish as it is rejected at the 21-day line SMA. The cryptocurrency will recover if it holds above the $216 support. BNB will rally above the 21-day line SMA and break the resistance at $243. Bullish momentum will extend to the 50-day line SMA. On the other hand, if the selling pressure continues, the bears will break below the $216 support. In this case, the altcoin will fall to the low of $183.

Binance Coin indicator reading

BNB is at level 46 of the Relative Strength Index of period 14. The altcoin is trading in the downtrend zone and is capable of falling downwards. BNB price bars are below the 21-day line SMA and the 50-day line SMA, indicating a further decline. The daily stochastic is below the 40% range. This indicates that the market is in a bearish trend zone.

Technical indicators:  

Major Resistance Levels - $300 and $350

Major Support Levels - $200 and $150

What is the next direction for BNB?

Binance Coin downtrend has reached its bearish exhaustion while the altcoin continues its sideways movement. The current upward movement is facing rejection from the recent high. If the previous price level holds, the altcoin may fluctuate between $183 and $230.

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.