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Binance Coin Is Retreating as It Reaches the $335 Resistance Zone

March 17, 2023

#Binance Coin#BNB#BNB/USD#Price Analysis

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) price has broken above the moving average lines as it reaches the $335 resistance zone. The altcoin is now getting close to the next barrier at $335. As long as BNB trades above the moving average lines, momentum will build. On the upside, if the barrier of $335 is broken, BNB will cross over to its previous high of $360. Meanwhile, BNB is approaching the market’s overbought zone. Once sellers appear in the overbought area, the present uptrend is likely to break. In contrast, if BNB increases in price and is rejected at $335, the altcoin would decline and become range-bound between $300 and $335. BNB is now trading at $300.50 as of this writing.

Binance Coin (BNB) Indicator Analysis
The Relative Strength Index for period 14 shows BNB at level 68. The overbought area of the market is getting closer to the altcoin. As long as the price bars are above the moving average lines, BNB will continue to grow. The daily Stochastic level of 80 is exceeded by BNB. The altcoin is likely to decline if sellers enter the overbought sector of the market.

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 in an uptrend as it reaches the $335 resistance zone .The cryptocurrency asset is trading in the market’s overbought zone. After retesting the resistance zone, the coin is retreating. Since it fluctuates below the resistance zone, BNB has reached bullish fatigue.

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