Binance Coin Retraces to $600 Support and Resumes Upward Move, Further Upside Momentum Likely

May 07, 2021 at 08:27 // News
Coin Idol
Binance Coin was range-bound for more than three weeks

BNB bulls broke the three weeks old resistance level at $600 and rallied to a $700 high. Buyers could not sustain the bullish momentum above the $700 high. Rather, the selling pressure pushed the altcoin to retrace to the support above $600.

The $600 support was the previous resistance level where Binance Coin was range-bound for more than three weeks. The current support is holding as buyers push the altcoin upward to the $660 high. BNB/USD is likely to rally to $800 if the current resistance level is breached. Conversely, if BNB turns down from the resistance at $700, the market will decline to the previous range-bound zone below $600.

Binance Coin indicator reading 

The altcoin is at level 62 of the Relative Strength Index period 14. It is in the uptrend zone and capable of rising on the upside. The 21-day and 50-day SMAs are pointing northward indicating the uptrend. BNB will continue to rise as long as the price is above the moving averages.


Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

Binance Coin has resumed upside momentum as buyers broke the $600 resistance. On May 3 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.618 Fibonacci extensions or the high of $806.90.  


Disclaimer. This analysis and forecast are the personal opinions of the author that 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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