Binance Coin Trades in a Tight Range as Bulls and Bears Reach Indecision

Binance Coin (BNB) price falls as the altcoin faces rejection at the $445 resistance level. The cryptocurrency's price has fallen above the moving averages and moved back up. This means that buyers will try to retest and break through the $445 resistance.

Since February 7, buyers have failed to break through resistance at the recent high. Should the bulls break through the current resistance, the market will rise to $520. If the buyers fail to break the recent high, BNB/USD will continue the current trading range between $340 and $445. At press time, the altcoin is trading at $429.60.

Binance Coin indicator reading

The 50-day line and the 21-day moving averages line are sloping horizontally, indicating a movement within the trading range. The Binance Coin price is at the 54 level of the Relative Strength Index for the 14 period. The altcoin is in an uptrend and is capable of further upward movement. The Binance Coin is above the 80% area of the daily stochastic. It is likely that the altcoin will face rejection in the overbought zone. The 50-day line and the 21-day moving averages are sloping downwards, indicating a downtrend in the lower time frame. 

Technical indicators:  

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350 

What is the next direction for BNB?

On the 4-hour chart, BNB/USD is in a downward movement. The cryptocurrency has fallen to the low of $416 and has recovered. Meanwhile, during the downtrend from April 6, a retracement candlestick has tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1.618 Fibonacci Extension level or $418.10. 

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.