Binance Coin Faces Strong Rejection At $420 As It Could Retarget The Low At $355

Binance Coin (BNB) price is in a downtrend, but the altcoin is making an upward correction. On April 26, the cryptocurrency fell to the low of $381 as the bulls bought the dips.

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

Today, the altcoin has risen to a high of $403.50. However, the uptrend could face rejection at the high of $420. However, if the recent high is broken, the market will rally to the high of $450. Since April 13, however, the bulls have found it difficult to break the recent high. On April 13 and 19, the altcoin was pushed back from the recent high when it fell back to the lows of $391 and $386. Meanwhile, BNB is rising again to retest resistance at $420.

Binance Coin (BNB) Indicator Reading 

The cryptocurrency price is below the moving averages, which makes the altcoin vulnerable to price declines. Binance Coin is above the 25% range of the daily stochastic. This indicates that the market is in a bullish momentum. Binance Coin is at the 47 level of the Relative Strength Index for the 14 period, indicating that the market is in the downward zone and below the 50 centre line.

Technical Indicators: 

Key resistance levels - $700 and $750

Important support levels - $400 and $350

What is the next direction for BNB/USD?

BNB/USD is in a downward correction, but the upside is about to be rejected by the recent high. The altcoin will face renewed selling pressure if it is rejected at the recent high. Meanwhile, the downtrend from April 11 has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to the Fibonacci extension level of $1.618 or $355.10. 

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.