Binance Coin Consolidates above $400 as Buyers Contemplate Next Move

Binance Coin (BNB) price has broken out above the moving averages, but has pulled back above the $400 support. Today, BNB price is fluctuating above $400 while facing rejection at $420.

In other words, the cryptocurrency is stuck between the moving averages. That is, it is above the 21-day moving average but below the 50-day moving average. Binance Coin will resume its uptrend when the price rises above the 50-day moving average line. The downtrend will resume when the price falls below the 21-day moving average line. In general, the movement within the trading range will continue as the altcoin is stuck between the moving averages. BNB is trading at $407 today at press time.

Binance Coin indicator reading

BNB price is at level 53 of the Relative Strength Index for the period of 14. The recent price increase has brought the altcoin into the uptrend zone, which allows for further upward movement. The cryptocurrency price has broken above the moving averages, but it is struggling to hold above the moving averages. The altcoin is below the 80% area of the daily stochastics, but the stochastics bands are moving above the 50% area. There is a possibility of a bullish momentum.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB?

Binance Coin is in an uptrend as the price has risen above the moving averages. The cryptocurrency price is consolidating above the $400 support but below the $420 resistance. The uptrend will continue if the resistance is broken. Meanwhile, on February 22, the downtrend has seen a retreating candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1,272 Fibonacci Extension level or $324.

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.