Binance Coin Continues Its Upward Move as It Approaches the Resistance at $340
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) is trading in the bullish trend zone as it approaches the resistance at $340. The altcoin may further rise as it reaches the overbought region of the market. The altcoin is rising and it reaches the high of the $324 resistance zone. The coin may face rejection at the recent high as the market reaches the overbought region.
Binance Coin (BNB) Indicator Analysis
BNB is at level 69 of the Relative Strength Index for period 14. It indicates that BNB is in the overbought region of the market. Further upward movement of the coin is doubtful. The crypto’s price bars are above the 21-day line SMA and 50-day line SMA, indicating further upward movement of prices. BNB is above the 80% range of the daily stochastic. The market is still in the overbought region. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.
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 has resumed its upward move as it approaches the resistance at $340. The cryptocurrency is now trading in the overbought region of the market. The altcoin will be out of downward correction if the resistance is breached.
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