Binance Coin (BNB) Resumes Uptrend After a Minor Retracement, Targets the $650 High
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin price is in an uptrend. The current uptrend is facing resistance at the $650 resistance zone. Today, buyers push BNB to $650 resistance zone and pulled back. BNB has resumed the upward move. On the upside, if the bulls clear the $650 resistance zone, the upside momentum will resume.
Binance Coin (BNB) Indicator Analysis
The crypto’s price is above the trend line and the moving averages. If the price remains above the trend line, the uptrend will continue on the upside. Conversely, if price breaks below the trend line, the uptrend will be terminated. BNB is at level 84 of the Relative Strength Index period 14. The crypto has reached the overbought region of the market. Sellers may emerge in the overbought region.
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 is likely to move up after the recent retracement. On April 12 uptrend, a retraced candle body tested the 61. 8% Fibonacci retracement level. This retracement implies that BNB will rise to level 1.618 Fibonacci extensions or the high of $744.94. From the price action, the market has risen to $585 at the time of writing.
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