Binance Coin Returns to Hold Above $550 Support as Underlying Strength Increases

The Binance Coin (BNB) price is falling back after its recent surge to the $570 high. Today, November 4, 2021, the altcoin has fallen back to $553.30 and above its 21-day moving average.

Binance Coin (BNB) price long term forecast: bullish

The market is likely to fall to a low of $520. Further downside is possible if the bears break below the moving averages. On the other hand, if price finds support above the 21-day moving average line, the uptrend will resume. The current rejection was caused by the overbought condition of the cryptocurrency. Sellers are showing up and pushing prices down.

Binance Coin (BNB) indicator reading 

BNB has dropped from level 70 to level 65 on the Relative Strength Index for period 14. The cryptocurrency is still in the bullish trend zone and could resume an upward movement. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend. The altcoin is below the 50% area of the stochastic on the daily chart. BNB is in a bearish momentum.

Technical Indicators: 

Key resistance levels - $700 and $750.

Key support levels - $400 and $350

What is the next direction for BNB/USD?

Binance Coin continues to be on an upward trajectory. The cryptocurrency price broke through resistance at $540 and reached a new high. Currently, the cryptocurrency is on a pullback after hitting resistance at the recent high. Meanwhile, the uptrend from October 30 has a candlestick testing the 78.6% Fibonacci retracement level. This retracement suggests that the BNB will rise but will reach a reversal point at the Fibonacci extension of 1.272 or at $565.40. Price action is in a downtrend.

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.