The Binance Coin (BNB) price is in a downtrend, but selling pressure has eased as the cryptocurrency makes an upward move.
Today, the BNB price retested the $430 resistance but was pushed back as the altcoin fell into the trading range. The cryptocurrency will start a new uptrend if the $430 resistance is broken.
The market will reach the highs of either $460 or $500. BNB/USD is fluctuating between the price levels of $390 and $430. In other words, it is trading above the 50-day line SMA but below the 21-day line SMA. The altcoin will fall above the 50-day line SMA as it faces a rejection of the recent high. A break below the 50-day line SMA would signal the resumption of the downtrend.
The cryptocurrency price is between the moving averages, which indicates that it will continue to move in a certain range for a few more days. Binance Coin price is still at the 51 level of the Relative Strength Index for the period 14, indicating that there is a balance between supply and demand. Binance Coin is below the 40% range of the daily stochastic. This indicates that the BNB price is in a bearish momentum.
Key resistance levels - $700 and $750
Key support levels - $400 and $350
BNB/USD is trading in a tight range as it faces rejection at the $430 high. This suggests that the bears are holding on to the recent high. The altcoin will fall if it faces another rejection at the high of $420. Meanwhile, the downtrend from April 20 has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1.618 Fibonacci Extension level or $406.50.
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.