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.
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.
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
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.