Binance Coin Faces Rejection at $620 High, Unable to Break Recent High

Binance Coin Faces Rejection at $620 High, Unable to Break Recent High

 

Dec 09, 2021 at 13:30 // News

Binance Coin (BNB) price is trading in the bullish trend zone, but the uptrend is facing resistance at the $620 high.


Today, the market is falling back to the 21-day moving average support. If the bullish momentum continues and price breaks above the $620 and $640 resistance levels, the market will reach the $660 high. Meanwhile, buyers have failed to break through the initial resistance at $620 as the market has reached the overbought zone. BNB will continue its upward movement if the price retraces above the moving averages. The cryptocurrency will move within a trading range if the price falls below the 21-day moving average line.


Binance Coin indicator reading


BNB is at level 51 on the Relative Strength Index for period 14, which means that there is a balance between supply and demand. The price of the cryptocurrency is currently above the moving averages, indicating a possible upward price movement. BNB is below the 80% area of the daily stochastic. BNB/USD is in a bearish momentum.


BNBUSD(Daily+Chart)+-+DEC.+9.png


Technical indicators:  


Major Resistance Levels – $700 and $750



Major Support Levels – $400 and $350


What is the next direction for BNB?


Binance Coin is in an uptrend, but it is retreating to the downside. There is a possibility of further upward movement if the price bars stay above the moving averages. Meanwhile, the uptrend from December 7 has shown a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to the 2.0 Fibonacci extension level or $657.


BNBUSD(4+Hour+Chart)+-+DEC.+9.png


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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