Binance Coin has been moving positively, but the upside has been hindered by resistance at the $385 high. Buyers are failing to sustain the bullish momentum as the market has reached the overbought zone.
If the buyers manage to hold above the resistance zone, the altcoin will be out of the downward correction. The upward momentum will continue if the cryptocurrency reaches the $460 high. Currently, Binance Coin is falling as the cryptocurrency value is rejected at the recent high. In the previous price action, the altcoin fell sharply to the low of $324 and resumed a new uptrend. The current retracement could reach the low of $360 before resuming the bullish momentum. The altcoin is trading at $378.90 at the time of writing.
The price bars are below the moving averages as the cryptocurrency value faces resistance at the 21-day line SMA. This indicates that the altcoin is trading in the downtrend zone. BNB is at level 47 of the Relative Strength Index of period 14. The altcoin is in a downtrend zone and below the midline 50. The cryptocurrency is above the 80% range of the daily stochastic. The market has reached the overbought zone as sellers are showing up and pushing prices lower.
Major Resistance Levels - $700 and $750
Major Support Levels - $400 and $350
Currently, Binance Coin is in a downward movement as the price reaches the overbought zone. The Fibonacci tool has already indicated the movement of the altcoin. Meanwhile, on September 29, the downtrend tested the 78.6% Fibonacci retracement level through a candlestick. This retracement suggests that BNB will rise but reverse at the 1.272 Fibonacci extension level or the $387.40 level. The price action shows that the market has reversed even though it has not yet reached the Fibonacci extension level.
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.