Binance Coin Sustains Recent Rallies but Battles Resistance at $455
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price has broken the resistance at $445 as it battles resistance at $455. However, buyers are facing another resistance at the recent high . Since April 2, the bulls are yet to sustain the bullish momentum above it. The resistance at $455 has been broken repeatedly. On the upside, if the bulls break the recent high, BNB is likely to reach the high of $506. However, if the altcoin faces rejection at the recent high, the market will decline above the moving averages or $415 support.
Binance Coin (BNB) Indicator Analysis
The recent uptrend has pushed the altcoin to level 65 of the Relative Strength Index period 14. The cryptocurrency is approaching the overbought region of the market. BNB is above the 80% range of the daily stochastic. The daily stochastic indicates that the market is in the overbought region. Therefore the current upward move is likely to be shortlived. Sellers will emerge in the overbought region push prices down.
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 is in an uptrend but battles resistance at $455. Since March 31, the altcoin has been fluctuating below resistance level. The coin will further rise when the resistance is breached. Meanwhile, on April 2 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to level 2.0 Fibonacci extension or $492.80.
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