Binance Coin Holds Above $228 Support as It Targets the $267 High
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price has been in an upward correction as it targets the $267 high. The bulls have been struggling to break the $245 high since June 24. They attempted to break the resistance on June 24 and 26 but failed. The coin retraced and found support above level $225. On the upside, if the bulls scale above the $245 resistance, or the 21-day line SMA, BNB will rally to $267 high. Today, BNB is declining after rejection at the 21-day line SMA. On the downside, the coin may decline to $189 as it faces rejection at the 21-day line SMA.
Binance Coin (BNB) Indicator Analysis
BNB is at level 41 of the Relative Strength Index period 14. The RSI has risen because of the upward correction. The cryptocurrency is still in the bearish trend zone and it is capable of falling to its previous lows.The altcoin is above the 70% range of the daily stochastic. The market has resumed bullish momentum and it is approaching the overbought region. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
.
What` Is the Next Direction for Binance Coin (BNB)?
Binance Coin’s downtrend has subsided as it targets the $267 high.The coin is retracing marginally. The downtrend will resume if price breaks below the $183 support.
You can purchase crypto coins here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
