[Binance Coin price experienced two failed breakouts, but remains stable above $300]BNB (Binance Coin) recently encountered two rejections at $330 and $310, causing the price to fall back and is currently trading at $300.3. The cryptocurrency is currently caught between moving averages. If the bears break above the 50-day simple moving average, BNB could drop to as low as $270.Currently, BNB is still trading with support above $300 or the 50-day simple moving average. Buyers are holding on to support at $290 since January 8. The long tail candlestick shows support at $290, implying strong buying at this level.Technical indicators show that the price is still trading between moving averages, forming a sideways trend after a failed breakout at $310. Price movements are affected by Doji candlesticks.Technical indicators:‧Key resistance levels: $300, $350, $400‧Key support levels: $200, $150, $100What’s the next direction for BNB/USD?On the 4-hour chart, BNB is trending sideways and is gradually moving towards lower prices. Price movements are capped by the $290 to $311 price range. Additionally, Doji candlesticks play an important role in portraying the value of cryptocurrencies. Previous reports showed that BNB was trading in a narrower range between $290 and $320 on the 4-hour chart on January 19.
