Binance Coin in a Sideways Move, Trades Marginally Above the $500 Support

For the past week, the price movement has remained the same as the market continued to fluctuate between $480 and $600. The bottom line is that the BNB uptrend has been interrupted at the $643 resistance level. The first uptrend was resisted on April 12 as the altcoin pulled back and resumed a sideways move.

The second upward move was repelled as the altcoin formed a bearish double top pattern. This is a bearish reversal signal which can cause Binance Coin to fall on the downside. Today, buyers are still pushing on the upside as price retests the overhead resistance. BNB will risk deeper correction if it fails to breach the resistance at $643. The altcoin price can plunge to $300 low. Conversely, BNB will rally above $800 if the current resistance is breached.     

Binance Coin indicator reading 

BNB price is above the 21-day and 50-day SMAs which suggests a possible rise in the market. Similarly, the price bars are above the trend line which indicates that the uptrend is ongoing. However, if the price breaks and closes below the trend line; it is presumed that the current trend is terminated. BNB/USD has risen to level 65 of the Relative Strength Index period 14. It is in the uptrend zone and above the centerline 50. 

Technical indicators:  

Major Resistance Levels – $440 and $460

Major Support Levels – $200 and $180

What is the next direction for BNB/USD?

Binance Coin is presently in a sideways move below the overhead resistance. The altcoin has a greater chance of falling than rising. On April 12 uptrend; the price indicator has indicated a possible upward move. A retraced candle body tested the 50% Fibonacci retracement on April 18. This retracement indicates that the market will rise to level 2.0 Fibonacci extensions or the high of $898.48.

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.

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