Binance Coin Is in a Sideways Move below $440 Resistance, an Uptrend Is Likely
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) has broken above the moving averages as the altcoin fluctuates above the $400 support. Buyers have been struggling to sustain BNB above the moving averages. If buyers sustain the bullish momentum above the moving averages, the altcoin will attain an accelerated price movement on the upside. BNB will rally to $510 high.
Binance Coin (BNB) Indicator Analysis
Binance Coin is at level 55 of the Relative Strength Index period 14. It indicates that the market is in the bearish trend zone and above the centerline 50. The market is likely to rise on the upside. BNB is above the 35% range of the daily stochastic. It indicates that the market is in a bullish momentum. However, the bullish momentum is weak as the altcoin consolidates above the $400 support.
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, the altcoin has been in an upward move since September 29. However, the uptrend is facing resistance at the $440 high. A break above the resistance will push the altcoin on the upside. Meanwhile, on October 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the coin will rise but reverse at level 1.272 Fibonacci extension or level $465.90.
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