Binance Coin Price Consolidates Above $250 Support as Underlying Strength Weakens

Binance coin (BNB) is in a downward correction after its rejection from the $300 high. Initially, the altcoin fell to the $250 support as bulls buy the dips.

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

The price corrected upward to retest the $280 high but faced another rejection at the recent high. Buyers are still struggling to push BNB above the $280 high. If the bulls are successful above the $280 resistance, the uptrend will resume. Possibly, buyers will retest the $300 overhead resistance. 

However, if price breaks below the moving averages, the downtrend will resume as price revisits the support at $250. The selling pressure may continue to $220 if the bears break the $250 support. Nonetheless, Binance Coin is trading at $264 at the time of writing.

Binance Coin (BNB) Indicator Reading 

The altcoin price is above the 21-day and 50-day SMA which suggests a possible rise in price. BNB is at level 57 of the Relative Strength Index period 14. This also means that the BNB/USD has room to rally on the upside. Presently, the market is in a bullish momentum and it is above the 50% range of the daily stochastic.

Technical indicators:  

Major Resistance Levels – $440 and $460

Major Support Levels – $200 and $180

What Is the Next Direction for BNB/USD?

The altcoin is in a bullish momentum. If the bullish momentum is sustained above the $280 support, the uptrend will resume. On March 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or the high of $342.30.

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.