Binance Coin Price Rebounds but Continues to Face Rejection at $275 High
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) is now trading in the bullish trend zone but continues to face rejection at $275 high. The price rebounds are hindered at the $275 resistance zone . Since July 19, further upward movement of prices has been restrained at the recent high. On the upside, if the bulls break the resistance at $275, BNB will rally to the high of $323 price level. However, a further upward move is unlikely as the market reaches an overbought region. Nonetheless, if the altcoin turns from the recent high, it will decline above the moving average lines. The downtrend will resume if price falls below the moving average lines.
Binance Coin (BNB) Indicator Analysis
BNB is at level 60 of the Relative Strength Index for period 14. It indicates that BNB is in the bullish trend zone and may further rise to the previous highs. The crypto’s price bars are above the 21-day line SMA and 50-day line SMA, meaning a further upward movement of prices. BNB is above the 80% range of the daily stochastic. The market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend. BNB is now in the overbought region and may fall.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin has recovered from the downtrend but continues to face rejection at $275 high. The cryptocurrency will resume upside momentum if the overhead resistance is breached. In the meantime, BNB is retracing towards the moving averages lines.
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