Binance Coin May Breach $340 High but Is in the Overbought Region

Binance Coin (BNB) Long-Term Analysis: Bearish
The price of Binance Coin (BNB) has crossed over the moving average lines but is in the overbought region. Since February 3, the resistance at $340 has been halting the upward trend. Over the past two months, buyers have made three unsuccessful attempts to hold the price above the most recent high. BNB is trading at $322.30 as it nears either retesting or breaking through the resistance. On the plus side, if buyers can overcome the resistance, BNB will rise to its record highs of $360 and $400. Conversely, if the price drops below the moving average lines, the downtrend will resume. The crypto asset will fall and test its $300 historical low once more.


Binance Coin (BNB) Indicator Analysis
On the Relative Strength Index for period 14, BNB is at level 54. The altcoin is in an uptrend and may continue to rise. The price bars are above the moving average lines, which suggests that the price will rise even further. BNB is in a bullish momentum above the daily Stochastic level of 25. The next resistance at $340 will be reached as the bullish momentum keeps going.

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 approaching the $340 resistance but is in the overbought region. The altcoin surged to a high of $332 on the 4-hour chart before being repelled. Buyers are attempting to break through the $340 resistance. As the market enters the overbought zone, the current uptrend could come to an end.

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