Binance Coin Recovers But Faces Its First Challenge At $316

May 18, 2023 at 12:27 // Price
Coin Idol
Binance Coin price is moving sideways

Binance Coin (BNB) price is moving sideways but has now entered the bearish trend zone.

Binance Coin price long term forecast: bearish

The cryptocurrency fell to a low of $299 before rebounding. The $300 support, which was held since March 15, was tested again by the altcoin. Strong buying at lower price levels is indicated by the extended candle tail. At the time of writing, BNB is trading around $313.30, regaining upward momentum. On the downside, the existing support is likely to hold as the bulls have been holding it continuously. BNB has rallied in the past every time the current support level has been tested. If the bulls buy the dips, the upside will begin. BNB will retest the overriding resistance when the moving average lines are broken.

Binance Coin indicator display

BNB is at level 44 on the Relative Strength Index for period 14, and the RSI has risen as the altcoin corrects to the upside. As the altcoin resumes its uptrend, the price bars are below the moving average lines. As long as the altcoin is in the bearish trend zone, it is vulnerable to a further decline. The cryptocurrency's daily stochastic is currently above the 80 level, which shows that BNB is trading in the overbought zone of the market. The bullish momentum is exhausted at the moment. At the current high, BNB could face rejection.

BNBUSD_(Daily Chart) – May 18.23.jpg

Technical indicators:

Key resistance levels - $600, $650, $700

Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin is still moving between $300 and $340, and the fluctuation range has not been broken since March 15. As the bulls bought the dips, the altcoin is trading above the $300 support. The $316 high is a barrier to the bullish momentum. The market is overbought near the recent high. Once the first barrier is overcome, the upward movement will resume.

BNBUSD_(4 Hour Chart) – May 18.23.jpg

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 research before investing in funds.

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