Binance Coin Enters Overbought Region as It Threatens the $336 High
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price is in an uptrend as it threatens the $336 high. The upward trending momentum has continued to retest the $336 overhead resistance. Since October 31, purchasers have been unable to maintain the upward trend above the $336 overhead barrier. On the plus side, the crypto will rise to a high of $360 if buyers manage to overcome the overhead barrier. If BNB reverses from the overhead resistance, the market will fall below the $300 breakout level. BNB is currently trading below the overhead resistance of $328.10.
Binance Coin (BNB) Indicator Analysis
According to the Relative Strength Index for period 14, BNB is currently at level 72. Bullish exhaustion has been reached in the current rally. The market will gain as long as the price bars stay above the moving average lines. The cryptocurrency is trading in the overbought area of the market. The BNB price 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 has risen to an overbought region of the market as it threatens the $336 high. Prices are unlikely to continue to rise. BNB experienced an upward corrective on October 31 uptrend; and a candle body tested the 78.6% Fibonacci retracement line. According to the correction, BNB will increase to the level of the 1.272 Fibonacci extension, or $356.89.
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