Binance Coin Declines as the Altcoin Faces Rejection at $440
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price has broken above the moving averages as the altcoin faces rejection at $440. The bulls have broken the resistance at $400 but it is approaching the resistance at $440. A break above the resistance at $440 will propel the altcoin to rally above $500. According to the daily stochastic, Binance Coin is trading in the overbought region. The altcoin is likely to face resistance as sellers emerge in the oversold region.
Binance Coin (BNB) Indicator Analysis
Binance Coin is at level 65 of the Relative Strength Index period 14. The cryptocurrency is in the uptrend zone and capable of further upward. The altcoin is approaching the overbought region.BNB is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. The altcoin is likely to fall.
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 in an upward move as the altcoin faces rejection at $440. The uptrend will resume if the current resistance is breached. Meanwhile, on March 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will rise to level 1.618 Fibonacci extension or $434.50. BNB has risen to the 1.618 Fibonacci extension.
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