Binance Coin Trades in a Tight Range as Bulls and Bears Contemplate Next Move

Binance Coin (BNB) has resumed a sideways move after buyers failed to keep the BNB price above the $340 high. Sellers were stopped out above the $294 low. The crypto appears to be on the rise as it approaches the $320 high. In short, altcoin is fluctuating between $294 and $340.

If buyers push the crypto price above the $340 resistance, the altcoin price is likely to make another upward move. The bullish momentum will extend to the high at $440. On the other hand, if sellers decline and hold the price below the $294 support, BNB/USD will drop to $265 or $220 low. Nevertheless, the current price fluctuations will continue if the range-bound levels remain unbroken.

Binance Coin indicator reading

Meanwhile, the altcoin price is at the 49 level of the Relative Strength Index of period 14. The cryptocurrency has reached the middle of the market. That is, there is a balance between supply and demand. Moreover, BNB is above the 80% range of the daily stochastic. This indicates that BNB has reached the overbought area of the market. The altcoin is likely to fall as prices reach the overbought region.

Technical indicators:

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB/USD?

BNB/USD is in a sideways movement as the cryptocurrency is trapped in a tight range. The altcoin will trend when the range-bound levels are broken. Meanwhile, on July 9 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to the level 2,618 Fibonacci extensions or level $238.73. From the price action, Binance Coin (BNB) is rising and approaching the overbought region of the market.

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.