On August 1, Binance Coin (BNB) rose to a high of $347 but failed to sustain the uptrend. Bulls were overwhelmed as the altcoin fell back to $320. At the current $320 support, bears and bulls engaged in a price tussle for 48 hours before the upward correction kicked in.
However, the BNB price attracted sellers at the $336 high, resuming the main trend. If the bears break $320 support, selling pressure will extend to the low of $306. In other words, if the price breaks below the moving averages, the selling pressure will intensify. If, on the other hand, the current support holds, the uptrend will resume.
The altcoin is below the 80% area of the daily stochastic. This indicates that altcoin is in a bearish momentum. The cryptocurrency has risen to the 52 level on the Relative Strength Index for period 14. The altcoin is in an uptrend area and above the midline 50. Selling pressure will increase again if the price falls below the moving averages.
Major Resistance Levels - $700 and $750
Major Support Levels - $400 and $350
BNB/USD is back on the way down after the rejection at $336. Meanwhile, on the August 3 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. This retracement suggests that the market will fall to the level of the 2.0 Fibonacci extensions or the level of $283.87.
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.