Binance Coin Rebounds in a Confined Range as It Faces Stiff Resistance at $300

The price of Binance Coin (BNB) is in an uptrend as buyers try to regain the overriding resistance of $338. In the meantime, it is difficult for the BNB price to break through the $300 high.

In other words, the cryptocurrency is trapped between the moving average lines. The upward movement will depend on whether the bulls break the 21-day line SMA.

A break above the blue line will catapult BNB to a rally to the upper resistance of $338. On the other hand, if the bears break below the 50-day line SMA, the market will fall to the low of $244. In the meantime, the cryptocurrency will continue to range until the moving average lines are broken. At the time of writing, the BNB price is trading at $304. 

Binance Coin indicator reading

It is at the 42 level of the Relative Strength Index for the 14 period. The cryptocurrency has fallen back into the bearish trend zone due to the recent breakdown. Binance Coin will continue a sideways movement as the price is contained between the moving average lines. The 21-day line SMA and the 50-day line SMA are sloping upwards, indicating an uptrend. BNB is below the 80% area of the daily stochastic. This indicates that the market is in a bearish momentum. 

Technical indicators:  

Major Resistance Levels — $600, $650, $700

Major Support Levels — $300, $250, $200 

What is the next direction for BNB?

Binance Coin is in an upward correction to the previous highs. However, the altcoin is approaching the overbought zone. The BNB price will fall if sellers appear in the overbought region. On the weekly chart, a candlestick has tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that BNB will rise to the Fibonacci extension at $ 1.278 or $223.31.

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 own research before investing funds.

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