Binance Coin Recovers As It Faces Drop To $300

Mar 23, 2023 at 14:03 // Price
Coin Idol
BNB is currently rising to its previous high

Binance Coin (BNB) price is in an uptrend and rose to a high of $340 before pulling back. On March 22, buyers failed to maintain the uptrend.

Binance Coin price long term forecast: bullish

BNB is currently trading at $326.10 after selling pressure eased. The uptrend of the altcoin has started. On the plus side, BNB is likely to be rejected at the highs of $340 and $360.

The value of the cryptocurrency will rise to a new high of $400 if the current resistance levels are broken. BNB is currently rising to its previous high. Selling pressure will increase once again if the altcoin is rejected at the current high. If the price of the altcoin falls below the moving average lines, a low of $300 will be reached.

Binance Coin indicator display

BNB is at level 55 for period 14 of the Relative Strength Index. The altcoin could rise further in the bullish trend zone. After the retracement, the price of the cryptocurrency has risen above the moving average lines. BNB is trading in an oversold market. If the market falls below the daily stochastic level of 20, it indicates bearish exhaustion.

BNBUSD(DailyChart - March 23.23.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 likely to move back up when the downtrend eases. Bullish candlesticks suggest that BNB will continue to rise. Meanwhile, BNB has completed an upward correction after the March 18 downtrend, and a retreating candlestick has tested the 38.2% Fibonacci retracement level. After the correction, BNB will fall to $300, which is the value of the 2.618 Fibonacci extension. According to the price action, the market is correcting upwards in anticipation of a possible decline.

BNBUSD(4 Hour Chart) - March 23.23.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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