Binance Coin in Jeopardy as Bulls Battle the Resistance at $30

Oct 11, 2020 at 13:03 // News
Coin Idol
The current range will persist if the key levels remain unbroken

Binance Coin is in an upward move but has been compelled to a sideways move. Buyers have made three unsuccessful attempts to break the resistance of $30 but no avail.

The upward move has been hampered because of the overhead resistance at $30. Since October 1, the coin has been repelled on three occasions as BNB fell to $26 low.

 In the meantime, the coin is range bound between $26 and $30. On the upside, if the bulls break above the $30 resistance, the price will rally above $32 high. Similarly, BNB will fall if the $26 support is broken by sellers. A break down will result in the price dropping to $22 low. BNB is trading at $27 at the time of writing. The current range will persist if the key levels remain unbroken.  

Binance Coin  Indicator Reading 

BNB price is above the SMAs which indicate that the coin will continue to rise. The 21-day SMA acts as a support to the coin. The coin will resume upward each time it finds support above 21-day SMA. Presently, the coin is in bearish momentum as it is below the 80% range of the daily stochastic. 

BNB - Daily Chart.png

Key Resistance Zones: $23, $24, $25

Key Support Zones: $15, $14, $13 

What Is the Next Direction for BNB/USD?

Binance Coin is likely to make an upward move once the resistance at $30 is broken. On September 30 uptrend; the coin was resisted at $30 high. The retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the coin will rise and reach level 1.272 Fibonacci extensions.

BNB - Daily Chart 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author 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.

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