Binance Coin Consolidates above $300 as Bulls Attempt to Reach the $380 High

Jul 29, 2021 at 10:30 // News
Author
Coin Idol
BNB is fluctuating between $300 and $330 price levels

Binance Coin (BNB) has continued to push on the upside after the July 26 price spike. On July 26, BNB suddenly rose above the $340 high and then dropped sharply.

For the past four days, the market has continued to rise on the upside. The upward move is facing resistance at the $330 high. At the same time, bulls are defending the $300 support. BNB is fluctuating between $300 and $330 price levels. There is a possibility of further upsides. A break above the $330 resistance will catapult the altcoin to the highs of either $340 or $400. However, if price turns down from the current level, the bears will have the advantage of pushing the altcoin to the previous low at $224.

Binance Coin indicator reading

The altcoin has risen to level 52 of the Relative Strength Index period 14. The crypto is in the uptrend zone and above the centerline 50. BNB is above the 75% range of the daily stochastic. It indicates that BNB is in a bullish momentum.  

BNB_-_COINIDOL_(10).png

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350 

What is the next direction for BNB/USD?

BNB/USD is capable of further upside, as indicated by the Fibonacci tool. If buyers breach the $330 resistance, the uptrend will resume. Meanwhile, on July 26 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to 1.618 Fibonacci extensions or $376.70 level.  

BNB_-_COINIDOL_2_chart_(9).png

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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