Binance Coin Consolidates Between $30 and $31.50, Uptrend Doubtful
Since October 22, the Binance Coin uptrend has been interrupted at the high of $31.20. In retrospect, On September 14, BNB had already faced rejection when it attained its peak price of $32.00.
In the meantime, the coin will fall either to $30.60 or $30.20 whenever it retests the current resistance at $31.50.However, in the last 48 hours, the coin has been consolidating in a tight range between $30.40 and $31.50. The market is now in a choppy price action. The support and resistance are not easily determinable. Meanwhile, if the price breaks the resistance at $30.80, the upward move will resume. Otherwise, the sideways move will persist.
Binance Coin indicator reading
A bullish trend line is drawn showing the support levels of price. BNB will resume the downtrend if the price breaks below the trend line. However, as long as the price is above the SMAs, the upward move will continue. The coin is above the 70% range of the daily stochastic. It indicates that the coin is in a bullish momentum.
Key Resistance Zones: $23, $24, $25
Key Support Zones: $15, $14, $13
What is the next direction for BNB/USD?
BNB is trading at $30.82 at the time of writing. From the price action, the coin is likely to rise. On October 22 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that BNB will rise but reverse at the 1.272 Fibonacci retracement level. That is at the high of $32.28, the coin will reverse to the range-bound zone.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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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