Binance Coin Is in Downward Correction, May Face Rejection at $415
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price was earlier in a downward correction but may face rejection at $415. The crypto’s price is now above the 50-day line SMA but below the 21-day line SMA. As buyers push price above the 50-day line SMA, the bulls will attempt to revisit the previous highs. Binance will be compelled to a range-bound move if the bulls fail to break above the 21-day line SMA. Today, the BNB price is trading at $407 at the time of writing. On the upside, if buyers fail to break the resistance at $415, the BNB price will fall and resume a downward correction.
Binance Coin (BNB) Indicator Analysis
The altcoin fell to level 46 of the Relative Strength Index period 14. The cryptocurrency is in the downtrend zone region and below the downtrend zone and the centerline 50. BNB is above the 40% range of the daily stochastic. The altcoin has resumed bullish momentum. The crypto’s price is between the moving averages indicating a possible range bound movement of the cryptocurrency.
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 downward but may face rejection at $415. The altcoin is making an upward correction. Meanwhile, on April 7 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 $389.60.
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