Binance Coin Slumps as Bulls Fail to Sustain Recent Rallies above $430

Binance Coin (BNB) is retracing after retesting the $380 high. Today, crypto has fallen to the low at $367. The current downtrend may persist except buyers sustain a bullish momentum that will break the resistance at $430.

The $430 price level was attained after Binance Coin recovered from the bearish trend. Since June 3, the crypto has been in a downward move. BNB price is making a series of lower highs and lower lows. The recent rejection was a lower high of $380. BNB/USD is likely to resume a downward move. Besides, if the bears break below the 21-day SMA, the altcoin will fall into the bearish trend zone.

Binance Coin indicator reading 

The crypto is at level 45 of the Relative Strength Index period 14. It indicates that BNB is in the downtrend zone and it is capable of falling on the downside. The crypto is above the 80% range of the daily stochastic. It indicates that the market has risen to the overbought region. This suggests that the selling pressure will soon resume as sellers may emerge.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

BNB/USD may fall because of the rejection at a high of $380. Meanwhile, on June 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.618 Fibonacci extension or level $249.85. From the price action, BNB has resumed a downward move.

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.