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Binance Coin Price Stalls at $314 as It Remains Overbought

January 23, 2023

#Binance Coin#BNB#BNB/USD#Price Analysis

Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) is decreasing as it remains overbought. The upward trend that began on January 14 has been broken because it fluctuated below the $314 resistance level. The historical price level for November 26 is $314. The market is overbought in that area. The price has been unable to remain above the resistance level due to the overbought condition of the asset. On the upside, BNB will rise and retest the overhead barrier at $359 if buyers maintain the bullish momentum above the resistance level. On the downside, the market will fall below the moving average lines if BNB is rejected at the resistance level. BNB will go back to its prior low of $249.

Binance Coin (BNB) Indicator Analysis
At level 65 of the Relative Strength Index for period 14, BNB is in the uptrend zone. The altcoin may increase, but it is getting close to the market’s overbought area. The fact that the price bars have continued to rise above the moving average lines suggests that BNB will continue to rise. On the daily Stochastic, BNB is in a bullish momentum above level 70.

Binance Coin Price Stalls at $314 as It Remains Overbought
BNB/USD – Daily Chart

Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200

What Is the Next Direction for Binance Coin (BNB)?
BNB is moving sideways beneath the $310 resistance level as it remains overbought. Since January 14, buyers have been unable to break through the resistance level. BNB’s upward movement is speculative because it occurs when the market is overbought. If the selling pressure picks up again, BNB will decline and retrace its steps to its previous low of $249.

Binance Coin Price Stalls at $314 as It Remains Overbought

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