Binance Coin Is In A Range And Struggles Above $300

Apr 06, 2023 at 11:50 // Price
Coin Idol
BNB remains contained between the moving average lines

The price of Binance Coin (BNB) is falling after it crossed below the moving average lines.

Binance Coin price long term forecast: bullish

On April 3, the price of the cryptocurrency fell below the moving average, but then rose within its moving average lines. In the last four days, the cryptocurrency has been caught between the moving average lines. BNB's price is at $311.70 as sellers try to apply pressure to make another sale. Since March 15, sellers have failed to break above the $300 resistance level. However, the market would fall to a low of $280 if the bears manage to break the current support. Binance Coin price will rise and approach its previous high of $340 again if it crosses the 21-day line SMA. In the meantime, BNB remains contained between the moving average lines.

Binance Coin indicator display

BNB is at level 47 of the Relative Strength Index during period 14. The cryptocurrency asset is in a bearish trend zone and may decline. BNB is currently wedged between the moving average, indicating a possible movement within a range. Below the 40 mark of the daily stochastic, BNB has bearish momentum.

BNBUSD(Daily Chart) - April 6.23.jpg

Technical indicators:

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

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

What is the next direction for BNB/USD?

Binance Coin is trading in a restricted range between the moving average lines while it is in a decline. The cryptocurrency had previously fallen to a low of $300 before starting to rise. However, the price indicator has predicted that BNB will fall to the 1.618 level of the Fibonacci Extension, or $298.80.

BNBUSD(4 Hour Chart) - April 6.23.jpg

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.

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