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Binance Coin Faces Rejection at $620 High, Unable to Break Recent High


coinidol.com 09 December 2021 14:27, UTC
Reading time: ~2 m

Binance Coin (BNB) price is trading in the bullish trend zone, but the uptrend is facing resistance at the $620 high.

Today, the market is falling back to the 21-day moving average support. If the bullish momentum continues and price breaks above the $620 and $640 resistance levels, the market will reach the $660 high. Meanwhile, buyers have failed to break through the initial resistance at $620 as the market has reached the overbought zone. BNB will continue its upward movement if the price retraces above the moving averages. The cryptocurrency will move within a trading range if the price falls below the 21-day moving average line.

Binance Coin indicator reading

BNB is at level 51 on the Relative Strength Index for period 14, which means that there is a balance between supply and demand. The price of the cryptocurrency is currently above the moving averages, indicating a possible upward price movement. BNB is below the 80% area of the daily stochastic. BNB/USD is in a bearish momentum.

Technical indicators:  

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB?

Binance Coin is in an uptrend, but it is retreating to the downside. There is a possibility of further upward movement if the price bars stay above the moving averages. Meanwhile, the uptrend from December 7 has shown a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to the 2.0 Fibonacci extension level or $657.

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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