Binance Coin (BNB) price is forced to range as price fluctuates between moving averages.
On April 11, the bears broke below the moving averages while the bulls bought the dips. The BNB price was pushed back at the 21-day moving average line as buyers pushed the altcoin to previous highs.
Today, the BNB price is trading at $422 as of press time. The cryptocurrency will continue to move between the moving averages for a few more days. For example, if the bulls break above the 21-day moving average, BNB will rise to $510. On the other hand, if the bears break below the 50-day line SMA, the market will fall to a low of $360. In the meantime, BNB price faces a rejection at the 21-day moving average line.
The BNB price is at the 51 level of the Relative Strength Index for the 14 period, indicating that there is a balance between supply and demand. Binance Coin is above the 80% range of the daily stochastic. This indicates that the Binance Coin price will fall as sellers are emerging in the overbought region of the market. The cryptocurrency price is between the moving averages, indicating a possible sideways movement of the cryptocurrency.
Key resistance levels - $700 and $750.
Important support levels - $400 and $350.
On the 4-hour chart, BNB/USD is in a downward movement as the price has fallen below the moving averages. The downtrend has subsided as the altcoin reached the low of $391.50 and retraced. Meanwhile, on April 6, the downtrend; a retreating candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to the Fibonacci extension level of $1.618 or $394.10.
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.