Today, Binance Coin rebounded above the $380 support as the altcoin retested the $400 resistance. Buyers are making further retests at the resistance but are unable to push above the recent high.
However, in the previous price action, the bulls were repelled at the same high which prompted the crypto to fall to the $360 low. In the meantime, BNB is fluctuating between $360 and $400. The bulls and bears are in price tussle within the range-bound zone. BNB price will resume upward move if bulls break the $400 resistance. This will propel the price to reach a high of $480. Conversely, if sellers break the $360 support, the altcoin will decline to $240 low. Meanwhile, the altcoin is trading at $399 at the time of writing.
Binance Coin indicator reading
The 21-day and 50-day SMAs are sloping northward indicating the uptrend. BNB price is above the SMAs which suggests an upward movement in price. The altcoin is at level 57 of the Relative Strength Index period 14. It is in the uptrend zone and above the centerline 50.
Major Resistance Levels – $440 and $460
Major Support Levels – $200 and $180
What is the next direction for BNB/USD?
Binance Coin is in an upward move. The price indicator has indicated a further rise of the altcoin. On April 7 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or the high of $475.24.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.