Binance Coin Drops to Previous Range-Bound Zone, Unable to Sustain Above $700 High

For the past week, Binance Coin has been consolidating above the $600 support for a possible upward move. At some time the bulls were retesting the $700 high to resume upside momentum. If buyers are successful above $700 resistance, the market will rise to $800 high. Yesterday, BNB faced rejection from the $700 resistance, signaling the resumption of the downtrend.

BNB price has broken the $600 support level to resume downward. The altcoin has fallen to the low of $567 at the time of writing. The selling pressure will persist if BNB falls and breaks below $500 support. The altcoin will further decline to the low of $400. Meanwhile, the selling pressure has resumed after rejection from the high of $625.

Binance Coin indicator reading 

The altcoin’s price has broken below the 21-day SMA. A break below the SMAs will mean further downward movement of prices.BNB has fallen to level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

Binance Coin is in a downward move as price breaks below the $600 support. On May 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extensions or the low of $402.26.  

Disclaimer. This analysis and forecast are the author’s personal opinions 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.