Binance Coin Loses Value As It Begins A New Climb Above $320

Binance Coin (BNB) is losing value as it was not able to overcome the $340 resistance level.

Binance Coin price long term forecast: bullish

Buyers have tried to break the overhead barrier three times since February 3 without success. The price of BNB fell above its moving average lines yesterday, indicating a future price increase. BNB is currently trading at $325 and is starting a new rise to retest the overhead barrier. The altcoin has fallen into the oversold area of $320, which is a downside. Moreover, since the cryptocurrency is holding above the moving average lines, a drop below the previous low of around $280 is doubtful. BNB is also in a positive trend zone and could go higher.

Binance Coin indicator display

On the Relative Strength Index for period 14, BNB is at level 51. Currently, the altcoin is trading at its equilibrium price. This indicates that supply and demand are now in equilibrium. The price bars have held above the moving average lines despite the decline, indicating a continuous upward movement. BNB is currently trading in the oversold area of the market. It is below the 20 level of the Stochastic on the daily chart.

Technical indicators:

Key resistance levels – $600, $650, $700

Key support levels – $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin has risen and crossed the moving average lines. A minor deterioration was observed in the bullish trend zone. According to the price indicator on the 4-hour chart, BNB will fall to $315.70 or the 2.618 Fibonacci extension.

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 research before investing in funds.

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