Binance Coin Enters an Overbought Region as It Faces Rejection at $320
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price is in an uptrend as it faces rejection at $320. The altcoin is rising as it approaches the overhead resistance at $336. BNB has started to decline after reaching a high of $318. The cryptocurrency has rallied to an overbought region of the market On the plus side, if the bullish momentum is sustained above the resistance at $318, the coin will rise and revisit the overhead resistance at $336. On the other hand, if the altcoin retraces below the $300 support, the sideways move will resume.
Binance Coin (BNB) Indicator Analysis
BNB is currently at level 73 on the Relative Strength Index for period 14 . BNB has continued its uptrend to an overbought region. As long as the price bars remain above the moving average lines, the market will continue to rise. The overbought region of the market is where the cryptocurrency is trading. It is above the daily stochastic’s 80% range.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is fluctuating below resistance at $318 as it faces rejection at $320. The uptrend will continue if price breaks the resistance at $318. Conversely, if BNB retraces below the $300 support, the range-bound move between $260 and $300 will resume. In the meantime, BNB is retracing to the range-bound zone.
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