Binance Coin Faces Strong Rejection at $660 High, Lacks Buyers at Higher Levels

Binance Coin (BNB) has come under renewed selling pressure after the price fell below the 21-day moving average line. Today, BNB has fallen from the high of $696 to the low of $568.

On November 8, the cryptocurrency hit its high of $696 but encountered strong resistance. At the recent high, the candlesticks were characterized by long wicks. 

These long wicks indicate that there is strong selling pressure in these regions. Once price breaks below the 21-day moving average line, the selling pressure will extend lower. Initially, the market will retreat to support above the 50-day moving average line. Selling pressure will continue as price falls below the 50-day moving average line. In the meantime, the market has fallen to the low of $568 at the time of writing.

Binance Coin indicator reading

Binance Coin is at level 48 on the Relative Strength Index for period 14. Altcoin is in the downtrend zone and may be vulnerable to further downside. It is below the 40% area of the Stochastic on the daily chart. BNB/USD is in a bearish momentum.

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 a downward movement. The Fibonacci tool has indicated another downward movement in the cryptocurrency. Meanwhile, on November 10, the downtrend tested the 50% Fibonacci retracement level, which was reached by a candle retracement. The retracement suggests that BNB will fall to the 2.0 Fibonacci extension level, or $441.60.

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.