Today, Binance Coin (BNB) is falling after buyers failed to break the 50-day moving average line or resistance at $440. This is the second time the bulls have been beaten back at the 50-day moving average line.
On the upside on February 7, the bulls broke through the 21-day moving average line but were rejected at the $440 resistance. After the recent rejection, Binance Coin will be forced to move sideways between the moving averages.
The altcoin will only trend if the moving averages are broken. For example, if the bulls break the 50-day moving average line or the resistance at $440, BNB will rise to $540. The altcoin is then out of the downward correction, while the bullish momentum extends to the previous highs. If the bears break below the 21-day moving average line, the downtrend will resume. The market will fall to a low of $359. Meanwhile, BNB has fallen to $427 at press time.
The cryptocurrency is at level 53 of the Relative Strength Index for the period 14. The altcoin is in the uptrend zone and above the midline 50. The altcoin is below the 80% range of the daily stochastic. This indicates that the market is in a bearish momentum. The BNB price will move between the moving averages and will be in a range bound movement.
Major Resistance Levels - $700 and $750
Major Support Levels - $400 and $350
Binance Coin is in a sideways trend as it fluctuates below the $440 resistance level. The bulls have made three attempts to break the recent high. In each attempt, the altcoin encounters resistance. Today, the BNB price bars are consolidating below the resistance level for a possible breakout.
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.