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Binance Coin Consolidates Below $360 High, a Breakout Is Likely

August 9, 2021

#Binance Coin#BNB#BNB/USD#Price Analysis

Binance Coin (BNB) Long-Term Analysis: Ranging
Binance Coin has been in an uptrend. The upward move has been stalled at the $360 high. Since August 7, buyers could not penetrate the resistance above the $360. Each rejection will cause the altcoin to fall on the downside. On August 8, the market declined to $335 low after facing rejection at the recent high. The upward move is doubtful as crypto reaches the overbought region of the market. The altcoin is retracing after rejection from the recent high. The crypto will resume downward if price breaks below the moving averages. In the meantime, BNB’s price is consolidating below the recent high.

Binance Coin (BNB) Indicator Analysis
The crypto’s price is above the moving averages which suggests a further upward movement of the coin. BNB is at level 63 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and above the centerline 50. The crypto has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. This indicates a buy signal. It is above the 80% range of the daily stochastic. The stochastic bands are sloping downward indicating a bearish momentum.

BNB/USD – Daily Chart

Technical indicators:
Major ResistancIs ie Levels – $640, $660, $680
Major Support Levels – $540, $520, $500

What Is the Next Direction for Binance Coin (BNB)?
Binance Coin has commenced a downward move after rejection at the recent high. The Fibonacci tool has indicated a possible downward move. Meanwhile, on August 7 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the coin will fall to level 2.618 Fibonacci extension or a level of $313.47.

BNB/USD – 2 Hour Chart


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