Binance Coin Fluctuates as It Challenges the Resistance at $260

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) price is stuck as it challenges the resistance at $260. In addition, as the altcoin consolidates above the 21-day line SMA, it has entered the overbought zone. The altcoin soared to an overbought market area. The altcoin is now retracing from its most recent high as a result of stiff resistance. The current bullish momentum might continue if the altcoin retraces above the 21-day SMA. To put it another way, the market will resume moving in a range between the moving average lines. But if the altcoin drops back to its previous low of $225, BNB will start moving in a range between $225 and $250. In the meantime, BNB/USD had retraced to a low of $256.42 at the time of writing.

Binance Coin (BNB) Indicator Analysis
BNB has increased to Relative Strength Index level 52 for period 14. It is in an uptrend zone and has room to rise even more in the direction of cryptocurrencies. The price bars for the cryptocurrency are situated between the lines of the moving averages, suggesting a potential range-bound movement. BNB has crossed over into the daily Stochastic overbought zone above level 80. In the overbought area, the coin is starting to move upward again.

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


What Is the Next Direction for Binance Coin (BNB)?
The price of Binance Coin has recovered as it challenges the resistance at $260. Cryptocurrency prices are retracing to a lower range. Price will remain range-bound if it finds support above $225. The altcoin will drop to a low of $188 if the current support is broken.

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