Binance Coin Trades Marginally as Price Movement Remains Stagnant

Feb 03, 2022 at 10:15 // Price
Coin Idol
There are no buyers at higher price levels

Binance Coin (BNB) price is trading marginally below the $400 resistance level. The price movement was insignificant as small candles called doji and spinning tops were formed.

The cryptocurrency is fluctuating between the price levels of $340 and $400. BNB/USD is trading in the middle of the price range. Buyers are not aggressive enough to retest the resistance line of the horizontal channel. This is due to the lack of demand at higher levels. There are no buyers at higher price levels. It is likely that the altcoin will remain in the trading range for a few more days because there are doji candlesticks with small bodies.

Binance Coin indicator reading

The cryptocurrency is at level 36 of the Relative Strength Index of period 14. The altcoin is in the downtrend zone and below the midline 50. Binance Coin is in a position to fall downwards. Altcoin has fallen below the 20% range of the daily stochastic. The market has reached the oversold region of the market. For the past month, the cryptocurrency has been testing the oversold region of the market again. It is likely that buyers will appear in the oversold region and push the prices up.


Technical indicators:  

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB?

Binance Coin is locked in a horizontal channel. The cryptocurrency price is fluctuating in the middle of the price range between $340 and $400 price levels. The price action is characterized by small candlesticks that are responsible for the fluctuating movement.


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.

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