Binance Coin in Downward Correction between $280 and $400, May Resume Uptrend

Binance Coin in Downward Correction between $280 and $400, May Resume Uptrend

May 20, 2021

Binance Coin pauses after falling to the low above $280. BNB price made a marginal upward move above the current support. Yesterday’s candlestick possesses a long tail indicating that the bulls have bought the dips.

The market is rising as the price approaches the high of $400. On the upside, if buyers can push the altcoin above $550 high, BNB will be out of the bearish trend zone. However, the current uptrend may face resistance at $400 or $480. If the price faces resistance at this level, the market may decline on the downside. However, if the $280 support is breached while in the declining process, BNB will fall to the low at $200. Meanwhile, the altcoin is trading at $381.59 at the time of writing.

Binance Coin indicator reading 

The crypto is below the support line. If the price breaks above the support line, the uptrend will resume. BNB price is in the bearish trend zone. The altcoin will regain bullish momentum when the price breaks above the moving averages. BNB is at level 36 of the Relative Strength Index period 14. It indicates that the altcoin is in a downtrend zone and below the centerline 50.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

Binance Coin is in a downward correction as the price fluctuates between $280 and $400. BNB will trend when these levels are breached. On May 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extension or the low of $320.30. From the price action, the market has reached the Fibonacci extension level.

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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