Binance Coin is Stuck Below $380 High as the Altcoin Risks a Decline

Mar 17, 2022 at 13:00 // Price
Coin Idol
Binance Coin will be forced to trade between the moving averages

Binance Coin (BNB) price is moving positively after rising above the 21-day moving average line.

The current upward movement will accelerate when the BNB price crosses the 50-day moving average line. The cryptocurrency will rise and retest the resistance at $440. Today, BNB has reached a high of $386.10 at the time of writing. 

The bottom line is that the bullish scenario will be nullified if the bulls fail to break above the 50-day moving average. The cryptocurrency will be forced to trade between the moving averages for a few days. In other words, the bears will try to push the price below the strong support at $350. It is worth remembering that the cryptocurrency has been moving between the prices of $350 and $440.

Binance Coin indicator reading

The price of BNB is at the level 50 of the Relative Strength Index for the period 14, which indicates that there is a balance between supply and demand. The price of the cryptocurrency is between the moving averages, which indicate a possible price fluctuation. The 50-day line and the 21-day line of the moving averages are inclined horizontally, indicating a sideways trend. Binance Coin is above the 80% area of the daily stochastic. The market is in a bullish momentum. In addition, the BNB price has reached an overbought area of the market.


Technical indicators:  

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB?

Binance Coin is in the bullish trend zone as the altcoin breaks above the moving averages. It is approaching resistance at $400. Meanwhile, the March 16 uptrend has a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that BNB will rise but reverses at the Fibonacci extension of 1.272 or $391.


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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