Binance Coin Struggles Below $430 High and Risks Further Drop to $396

Apr 22, 2022 at 06:26 // Price
Coin Idol

The Binance Coin (BNB) price is in a downtrend, but selling pressure has eased as the cryptocurrency makes an upward move.

Binance Coin (BNB) Price Long Term Forecast: Bearish

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.

Binance Coin (BNB) Indicator Reading

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.

BNBUSD( 4 Hour Chart) - April 21.png

Technical Indicators:

Key resistance levels - $700 and $750
Key support levels - $400 and $350

What is the next direction for BNB/USD?

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.

BNBUSD(Daily Chart) - April 21.png

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.

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