Binance Coin Rebounds above $390 Support but Makes Upward Correction
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downtrend but makes upward correction. The cryptocurrency is trading between the moving average lines. BNB price is above the 50-day line SMA but below the 21-day line SMA. Since April 11, the altcoin has been fluctuating between the moving average lines. On the upside, a break above the 21-day line moving average will propel the altcoin to revisit the high of $455. BNB price is falling to the lower price range. The altcoin risks further decline to the low of $360 if it breaks below the 50-day line SMA.
Binance Coin (BNB) Indicator Analysis
The altcoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. BNB price is in a range-bound move as the crypto’s price is between the moving averages. The 21-day line SMA and 50-day line SMA are sloping upward indicating the uptrend. BNB is above the 80% range of the daily stochastic. The altcoin has reached the overbought region of the market. BNB price is likely to fall as sellers emerge in the overbought region.
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 is in a downtrend but makes upward correction. The bears have retested the $391 support twice and resumed upward. Meanwhile, on April 6 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to level 1.618 Fibonacci extension or $391.30.
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