Binance Coin Is In an Overbought Region and May Face Rejection at $236.76
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Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is in a downward correction and may face rejection at $236.76. In the previous price action, the bulls failed to break the 21-day line moving average or the $243 resistance. Today, the altcoin is rising to retest or break the 50-day line moving average. BNB will be out of downward correction but resume uptrend if the bulls breached the 50-day line moving average. Also, the bulls sustaining the bullish momentum. The coin will rise and revisit the previous high of $323. However, if the bulls failed to breach the 50-day line moving average, BNB will be confined between the moving average lines.
Binance Coin (BNB) Indicator Analysis
BNB is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The altcoin is also approaching the bullish trend zone. BNB price is now above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move. BNB is above the 70% range of the daily stochastic. The market is in a bullish momentum.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
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What` Is the Next Direction for Binance Coin (BNB)?
Binance Coin makes an upward correction but may face rejection at $236.76. BNB price has broken above the 21-day line SMA. The cryptocurrency is approaching the overbought region. The coin is likely to face rejection at a high of $265.
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