Binance Coin Recovers Above $390 but Resumes Sideways Trend
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downtrend as price breaks below the moving averages but resumes sideways trend. The cryptocurrency has been trading between the moving averages for the past two weeks. On April 21, the bears broke below the 50-day line SMA, signaling the resumption of the downtrend. BNB is trading at $401.90 at the time of writing. On the downside, if the bears break below the $391 support, the downtrend will extend to the low of $360. On the upside, if the current support at $391 holds, the altcoin will be compelled to a range-bound move between $390 and $430 price levels.
Binance Coin (BNB) Indicator Analysis
BNB is at level 44 of the Relative Strength Index period 14. The market is in the bearish trend zone and capable of a further downward move. Binance Coin is likely to fall because the crypto’s price bars are below the moving averages. BNB is below the 80% range of the daily stochastic. The altcoin was earlier in the overbought region but sellers have emerged in the overbought region. The coin is in a bearish momentum. The 21-day line SMA and 50-day line SMA are sloping downward indicating the downtrend.
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 selling pressure has reached bearish exhaustion as the aitcoin resumes sideways trend. The crypto has reversed but the uptrend is facing rejection at the $405 resistance. Meanwhile, on April 21 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 $387.10. From the price action, the crypto has fallen to the level 1.618 Fibonacci extension and reversed.
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