On February 28, 20201, Binance coin (BNB) consolidated above the $200 support.
Since February 19, BNB slumped from $368 high to $216 low. Now, the price action is characterized by small body candlesticks. These candlesticks indicate that there are fewer buying or selling activities. The candles also indicate that buyers and sellers have reached a period of indecision. BNB is trading at $215.60 at the time of writing. If this crucial support at $200 holds, the crypto currency will commence the resumption of an upward move.
The price will retest or rally above $240 before resuming the upside momentum. In the meantime, the market is still fluctuating above the $200 support.
On the 4 hour chart, BNB price is making a series of lower highs and lower lows. Each time the bulls test the downtrend line, the price will fall into a deeper correction. Binance Coin is at level 56 of the Relative Strength index. It indicates that the altcoin is in the uptrend zone and capable of rising on the upside.
Major Resistance Levels – $440 and $460
Major Support Levels – $200 and $180
Buyers and sellers have reached a period of indecision as price consolidates above the current support. Since February, the current support has not been broken. There is the possibility of price falling and finding support above the 21-day SMA. This will propel it to rise.
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.