Binance Coin Rises Sharply Above $400 but Struggles below $470 Resistance
Oct 07, 2021 at 12:35 //
NewsBinance Coin (BNB) price has risen above its moving averages. BNB prices will rise as long as they are above the moving averages.
Yesterday, the price failed at $470 but pulled back above the 50-day line SMA to resume its uptrend. BNB/USD will regain the previous high of $520 if the price rises above the $470 resistance level. However, if the altcoin fails at its recent high, it will fall and make a downward correction between $410 and $440.
Binance Coin indicator reading
BNB has risen to level 59 on the Relative Strength Index for period 14. The altcoin is in an uptrend area and above the 50 midline. The cryptocurrency value will rise to regain the previous high of $520. It is above the 80% area of the daily stochastic. However, the stochastic bands are sloping downwards as the crypto is expecting a rejection.
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 an uptrend while the price is facing rejection at $440. Last week, BNB fluctuated below the recent high. Today, the bulls broke above the resistance at $440. Meanwhile, the October 2 uptrend formed a candlestick that tested the 78.6% Fibonacci retracement level. This retracement suggests that the BNB will rise but will reach a reversal point at the Fibonacci extension of 1.272 or at $466.70. Price action shows that the market has risen to $449.90 at the time of writing.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow