Binance Coin Is in a Fresh Uptrend, Targets Level $540
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Binance Coin (BNB) Long-Term Analysis: Bullish
Today, Binance Coin’s (BNB) price rallied to $517 and pulled back. The rally was a result of a breakout at $460. The upward move is doubtful as the crypto reached the overbought region of the market. Sellers are likely to emerge to push prices down. BNB is facing rejection at the recent high. If it retraces, it may fall to the breakout level point of $460.The upward move will resume if the current support holds.
Binance Coin (BNB) Indicator Analysis
Binance Coin is at level 75 of the Relative Strength Index period 14. It indicates that the coin is not likely to rally on the upside. Besides, the altcoin is in the overbought region. The 21-day and 50-day SMA are sloping upward indicating the uptrend. The altcoin is above the 80% range of the daily stochastic. The coin is likely to fall.
Technical indicators:
Major ResistancIs ie Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
On the 4 –hour chart, the altcoin price broke the $460 resistance and rallied on the upside. There is a likelihood of rejection at the recent high. Meanwhile, on August 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the coin will rise to level 1.272 Fibonacci extension or level $478. 92. From the price action, the BNB price has broken the 1.272 Fibonacci extensions and resumed upward.
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