Binance Coin Holds Above $500 Crucial Support, Risks Further Decline
Binance Coin (BNB) price has been holding steady above the $500 support. At press time, BNB is trading at $527. Over the past week, the cryptocurrency's price has fluctuated between $505 and $550.
On December 13, the bears failed to break the $500 support. However, the downtrend will continue if the bears break below the $500 support. The market will continue to fall to the $461 low. On the upside, BNB will rally above the moving averages if buyers break the high at $550. This would signal the resumption of the uptrend. The cryptocurrency will regain the previous high of $630.
Binance Coin indicator reading
BNB is at level 42 on the Relative Strength Index for period 14. The price indicator has remained unchanged as the cryptocurrency continues its consolidation. The moving averages of the 21-day and 50-day lines are sloping south, indicating a downtrend. BNB is below the 50% area of the Stochastic on the daily chart.
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB?
On the 4-hour chart, Binance Coin is moving in a range between the price levels of $506 and $550. The price action is characterized by doji candlesticks (small candles). These candlesticks indicate that buyers and sellers are still undecided about the direction of the market.
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.
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