Binance Coin Struggles below $300 as Selling Pressure Resumes

Binance Coin (BNB) is falling, but is currently in an upward correction. The price of BNB rose to a high of $300 yesterday. The altcoin is now struggling below the last high.

On the positive side, BNB is expected to revisit its previous highs of $359 and $397 if buyers manage to keep the price above the $300 high. However, if it fails to go up, the cryptocurrency would fall into the $260 to $300 range. Today, Binance Coin retreated above the 21-day line SMA. If the current support holds, BNB will go back up.

Binance Coin indicator reading

For the 14 period, the Relative Strength Index is at 54. The cryptocurrency is in an uptrend area and could continue to rise. As the price bars are above the moving average lines, the price of the cryptocurrency is likely to rise. The daily stochastic for Binance Coin is above the level of 80. The positive momentum for the coin has returned and is now overbought.

Technical indicators:  

Major Resistance Levels – $600, $650, $700

Major Support Levels – $300, $250, $200

What is the next direction for BNB?

Binance Coin is currently in an upward correction and is approaching the high at $300. If the price moves down from the current high, the movement could continue within the range. However, the downtrend will continue if BNB falls and breaks the $260 support level. It is expected that BNB will fall to $195 or $200.

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.