Binance Coin Declines as Bears Resume Selling Pressure to $340 Low

Yesterday, Binance Coin (BNB) continued its upward trend, reaching a high of $410. The cryptocurrency is facing resistance at the recent high. The current resistance is the historical price level from June 3.

The corresponding rejection sent BNB/USD down to a low of $224 on June 24. If the bulls break the $410 resistance today, the BNB price will rise to $440 or $540. 

However, if the altcoin fails to overcome the current resistance, there is a tendency for the cryptocurrency asset to resume its downward movement. Currently, the altcoin is falling to the downside. The downtrend will continue if the bears fall below the $340 support. The cryptocurrency will fall to the $250-$310 area for a downward correction. Meanwhile, Binance Coin is trading at $385.91 at the time of writing.

Binance Coin indicator reading

The BNB price is at the 70 level of the Relative Strength Index for period 14. The cryptocurrency was previously in the overbought region. The indicator seems to be moving downwards in the overbought region. It is also below the 80% area of the daily stochastic. This means that the altcoin is in a bearish momentum. There is a probability of a market decline.

Technical indicators: 

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB/USD?

On the 4 Hour Chart, BNB/USD is in a gentle uptrend. The uptrend will be over when the price falls and drops below the moving averages and the uptrend line. Nevertheless, Binance Coin will continue to rise as long as the price bars stay above the SMAs and the uptrend line.

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.