Binance Coin (BNB) price is in a downtrend as the cryptocurrency has fallen sharply to the low of $358.50. The BNB price corrected upwards to $440, but was rejected as the altcoin resumed its downward correction.
The cryptocurrency price was unstable and fluctuated between $390 and $440. Today, altcoin resumed its upward movement and reached the high of $419. There is a probability of an upward movement of the crypto. If the buyers break the resistance at $440, the market will rise to the high of $450. On the other hand, the altcoin will continue its downward correction below the recent high if the buyers fail to overcome the recent high.
BNB is at level 43 of the Relative Strength Index of period 14, indicating that the market is in the downtrend zone and below the midline 50. The cryptocurrency is above the 75% range of the daily stochastic. The market is in a bullish momentum but approaching the overbought area of the market.
Major Resistance Levels - $700 and $750
Major Support Levels - $400 and $350
Binance Coin is in an uptrend as it approaches resistance at $440. The altcoin is capable of resuming its uptrend if buyers break the current resistance. Meanwhile, the uptrend from September 8 has shown a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to the 2.0 Fibonacci Extension level or $461.71.
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.