Binance Coin Consolidates Between $26 and $32, Amidst Bullish Expectation
Dec 06, 2020 at 12:52 //
NewsBinance Coin is also trading in a sideways move in the last three months. The altcoin has been range-bound between $26 and $32.
Buyers and sellers are yet to break the critical price levels as the coin continues its range-bound movement. On November 24, BNB had a partial breakout. The coin broke the resistance level to reach a high of $36 but fell back to the range-bound zone. The two candlesticks possess long wicks.
The long wicks indicate that there is an overwhelming selling pressure at a higher price level. The altcoin is trading at $29 at the time of writing. On the upside, if the resistance is broken and the price momentum is sustained, BNB will be out of the range-bound zone. Otherwise, the range-bound movement will continue.
Binance Coin indicator reading
The price bars are below the SMAs. There is the tendency of the coin falling to the lower price range. BNB is below the 40% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The crypto is also at level 45 of the Relative Strength index period 14. It also indicates that the coin is in the downtrend zone and below the centerline 50.
Key Resistance Zones: $23, $24, $25
Key Support Zones: $15, $14, $13
What is the next direction for BNB/USD?
Presently, BNB is trading in the bearish trend zone. The Fibonacci tool has indicated an upward movement of the coin. On December 1 uptrend, BNB was resisted. The retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will rise and reach level 1.618 Fibonacci extensions or the high of $36.38.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow