Binance Coin Fluctuates Between $520 And $600, Faces Rejection at $640 High
For the past four days, Binance Coin has resumed a sideways move after it was repelled at the high of $640. Buyers could not push the BNB price above the recent high.
Consequently, the altcoin fell and resumed a range-bound movement between the $520 and $600 price range. Nevertheless, if the BNB price continues to fluctuate in a tight range, the BNB/USD will encounter a breakout or a breakdown.
On the upside, if price breaks the $600 resistance, the altcoin will rally to $800 high. Conversely, if the bears break below the $520 support, the market will decline to $480 support. Binance Coin is trading at $565 at the time of writing. Nonetheless, BNB will continue its range-bound movement if the range-bound levels remain unbroken.
Binance Coin indicator reading
The market has fallen to level 52 of the Relative Strength Index period 14. It is in the uptrend zone and above the centerline 50. The altcoin is in bearish momentum below the 40% range of the daily stochastic. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
Major Resistance Levels – $440 and $460
Major Support Levels – $200 and $180
What is the next direction for BNB/USD?
Binance Coin will resume upward move after the sideways move. On April 12 uptrend; a retraced candle body tested the 50% Fibonacci retracement. This retracement indicates that the market will rise to level 2.0 Fibonacci extensions or the high of $821.72.
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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