Binance Coin (BNB) is in an upward move as it rallied to $47.50 high. Today, the crypto has retraced to $43 low and it is consolidating above the current support.
Nevertheless, Since January 7, the bulls have been making frantic efforts to break the resistance at $45. On the upside, if buyers push BNB above the current resistance, the coin will resume upside momentum. Besides, the altcoin will rally above $50 high. Nevertheless, for the past three days, the coin has been fluctuating between $41 and $45 as bulls attempt to break the resistance at $45. On the downside, the bears will break the $41 support if the current bullish scenario fails.
A bullish trend line is drawn showing the current support levels of price. The uptrend will continue as long as the trend line remains unbroken. However, if the price breaks and closes below the trend line; it is an indication that the trend has been reversed. The coin is at level 72 of the Relative Strength index. It indicates the coin has reached the overbought region of the market.
Key Resistance Zones: $46, $48, $49
Key Support Zones: $15, $14, $13
The altcoin has the chance of further upward movement if the current resistance is breached. On January 7 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the coin will rise and reach level 2.0 Fibonacci extensions or the high of $52.96.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.