Binance Coin Loses Value As It Reaches Support Above $310

Binance Coin (BNB) is losing value as it tries to overcome the $332 level. Before its breakdown, the cryptocurrency's price made several retests at the resistance.

Binance Coin price long term forecast: bullish

On the downside, the decline may go to the low of the $309 support. Similarly, the altcoin will fall above the moving average lines. If the cryptocurrency value finds support above the moving average lines, a new uptrend will start. Buyers tried to reach the high of $361 during the previous rally. However, the upward movement was stopped at the high of $332. The current downward momentum is decreasing as it approaches the support level above $310.

Binance Coin indicator display

The altcoin is at level 57 of the Relative Strength Index for period 14 despite the downward momentum. The alternative currency is trading in a bullish trend area. Moreover, the price bars are above the moving average lines, which opens the door for BNB to rise. Below the stochastic value of 30 on the daily basis, BNB shows negative momentum.

Technical indicators:

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

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

What is the next direction for BNB/USD?

As a result of the rejection of its recent high, Binance Coin is currently bearish. If the price stays above the moving average lines, the current slide will end. However, if the price falls below the 21-day line SMA, selling pressure would resume. The low above $280 could be reached by the bearish momentum.

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.