Binance Coin Consolidates above $350 Support as Bulls and Bears Remain Undecided

Binance Coin (BNB) Long-Term Analysis: Ranging
Following the January 22 price slump, Binance Coin’s (BNB) price has reached bearish exhaustion as bulls and bears remain undecided. The altcoin fell to the low of $336 as bulls bought the dips. Since then the market has resumed a sideways move above the current support. The bearish trend has ended at a low of $336. In the current price movement, BNB price is in a range bound move between $344 and $400 price. The upward move has been restricted below the $400 resistance. On the upside, if the $400 high is breached, the market will rise to $480 high.

Binance Coin (BNB) Indicator Analysis
The altcoin is at level 37 of the Relative Strength Index period 14. BNB is out of the oversold region as the market rises to the upside. The altcoin is in the downtrend zone and below the centerline 50. The crypto is above the 50% range of the daily stochastic. The market is in a bullish momentum but it has been unstable. The crypto’s price bars are below the moving averages which makes the altcoin fall. The moving averages are sloping southward 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 has resumed a sideways move as bulls and bears remain undecided. Meanwhile, on January 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Binance Coin will fall to level 1.272 Fibonacci extension or $327. BNB has reversed after testing level 1.272 Fibonacci exhaustion.

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