Binance Coin Is in a Tight Range as Sellers Threaten to Break Below $385 Support.
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) has broken below the moving averages as bears threaten to push prices down. At the initial breakdown, BNB dropped to the low of $368 as bulls bought the dips. The price corrected upward to the high of $440 and resumed a range-bound movement. On the downside, if the bears break below the $385 support, BNB will further decline to $320 low. On the other hand, if buyers breach the $440 high, the market will rally above the $500 high.
Binance Coin (BNB) Indicator Analysis
Binance Coin is at level 40 of the Relative Strength Index period 14. It indicates that the coin is in the bearish trend zone and below the centerline 50. The crypto is capable of falling on the downside. BNB is above the 35% range of the daily stochastic. It indicates that the market is in a bullish momentum.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
On the 4 –hour chart, BNB is range bound between $385 and $440. The bears have retested the lower price range on three occasions to break it but were repelled. Buyers have defended the current support as the altcoin attempts to resume upward. However, the upward move is being resisted in the middle of price range.
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