Binance Coin is in a Sideways Move, Struggles Below $620 High

Binance Coin (BNB) is in a downtrend, fluctuating between its two moving averages. The cryptocurrency's price is trading at $611 at the time of writing.

The BNB price is below the 21-day moving average but above the 50-day moving average. Today, buyers are trying to break the 21-day line SMA but are encountering resistance. The recent high is an overbought region of the market. BNB will resume its uptrend if the price breaks above the 21-day line SMA. On the other hand, the downtrend will resume if the price breaks below the 50-day moving average. However, if the moving averages remain unbroken, the cryptocurrency will continue to fluctuate between the moving averages.

Binance Coin indicator reading

BNB has risen to level 56 on the Relative Strength Index for period 14. The altcoin is in the uptrend zone and above the midline 50. The market is above the 80% area of the daily stochastic. BNB/USD is in a bullish momentum. It has also reached the overbought area of the market.

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 current uptrend has reached the overbought region of the market. Meanwhile, on November 23, the uptrend has seen a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to the 2.0 Fibonacci extension level or $657.  

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.