Binance Coin Remains Above $300, But Faces Further Decline

Jan 26, 2023 at 13:11 // Price
Coin Idol
The uptrend is currently constrained below the resistance level

Binance Coin (BNB) is consolidating above $300 support as it approaches resistance at $317.

Binance Coin price long term forecast: bullish

The altcoin's uptrend ended on January 14 when it reached a high of $314.40. The altcoin was forced to move sideways below the resistance level, which caused the cryptocurrency asset to enter an overbought zone. BNB will move up and retest the overriding resistance at $359 if buyers are successful above the resistance. The uptrend is currently constrained below the resistance level. If sellers emerge in the overbought region, BNB could fall and drop below either the moving average lines or the $249 low.

Binance Coin indicator display

BNB's Relative Strength Index is at 62, which is below the 77 level for the 14 period. Being in the bullish trend zone, the altcoin is set to rise again. The moving average lines are below the price bars, while the price is moving above them. There is a chance that it will continue to rise. On the daily stochastics, the altcoin is in a bearish momentum below the 50 mark.

BNBUSD(Daily Chart) -Janauary 26.23.jpg

Technical indicators:

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

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

What is the next direction for BNB/USD?

BNB is currently trading above the 50-day line SMA on the 4-hour chart, but below the 21-day line SMA. Therefore, the cryptocurrency will probably have to move in a range between the moving average lines. If the price falls below the 50-day line SMA, the selling pressure will continue.

BNBUSD(4 Hour Chart) - January 26.23.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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