Binance Coin Sinks Into A Range-Bound Zone And Holds Above $280

Binance Coin (BNB) price is trading between the moving average lines and is currently bearish.

Binance Coin price long term forecast: bearish

BNB is now trading between the moving average lines. Buyers failed to keep the price above the $320 resistance during the previous price action. Had the buyers been successful, BNB could have risen to a high of $360. The cryptocurrency price, currently trading at $289.60, is trapped between the moving average lines. As long as it is confined within the moving average lines, the cryptocurrency will be forced to move in a range. If the price of the altcoin falls below the 21-day line SMA, it will drop to a low of $260. However, as long as the moving average lines are unbroken, BNB will continue to trade in a range.

Binance Coin indicator display 

The Relative Strength Index is at level 48 for period 14. The altcoin is currently trading in the downtrend zone due to the recent decline. However, the price bars are between the moving average lines, indicating that the cryptocurrency might be in a range. For Binance Coin, the daily stochastic is below level 20, suggesting that BNB has crossed the oversold boundary of the market. The selling pressure will decrease.

Technical indicators 

Key resistance levels – $600, $650, $700

Key support levels – $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin is moving horizontally below the high at $310. As long as the altcoin stays above the $280 level, the downtrend has slowed down. Below level 20 of the stochastic on the daily chart, the altcoin has dipped into the oversold zone. If the price rises, the upward movement will continue.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

Source: Read Full Article