Binance Coin Pauses Over $389 Support, May Drop Further

Aug 19, 2021 at 09:30 // News
Coin Idol
The retracement suggests that BNB will rise but may reverse

The price of Binance Coin (BNB) is falling and has hit a low of $389. However, the market price is unstable as Binance Coin is in a downward correction.

Binance Coin (BNB) Price Long-Term Prediction: Bullish

In the last 48 hours, the cryptocurrency fluctuated between $389 and $410. If the bears break below the $389 support, BNB will fall to $375. On the other hand, if it breaks above $410 resistance, the uptrend will resume and the overriding resistance at $434 will be retested. In the meantime, the BNB/USD price is fluctuating to the upside, reaching a high of $406 at the time of writing.

Binance Coin (BNB) Indicator Reading 

BNB has fallen to the 67 level on the Relative Strength Index for period 14. The cryptocurrency is in the uptrend zone and above the midline 50. The altcoin will rise as long as the price bars are above the moving averages. The 21-day line SMA and the 50-day line SMA are up.

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Technical Indicators:

Major Resistance Levels - $700 and $750

Important Support Levels - $400 and $350

What is the next direction for BNB/USD?

On the 4 Hour Chart, BNB/USD is in a downward correction and in a limited trading range. Meanwhile, a candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will rise but reverse at the 1,272 Fibonacci extension level or the $373 level. From the price action, the market fell to a low of $389 but corrected higher.

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Disclaimer. This analysis and forecast are the personal opinions of the author 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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