Binance Coin Fluctuates in a Range but Challenges the $300 High
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price is in an upward correction as it challenges the $300 high. BNB price is fluctuating above the 50-day line SMA but below the 21-day line SMA. Buyers are attempting to push the altcoin above the 21-day line but were repelled. On the upside, if the bulls breach the 21-day line SMA, BNB will rally to the $338 overhead resistance. Conversely, if the bears break below the 50-day line SMA support, the market will decline to the low of $244. In the meantime, BNB/USD is trading at $297 at the time of writing.
Binance Coin (BNB) Indicator Analysis
BNB is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The crypto’s price bars are between the moving average lines which indicate a possible range-bound move of the cryptocurrency. The altcoin is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin may resume downward as it faces rejection at the recent high. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that BNB will fall to level 1.272 Fibonacci extension or $223.31.
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