Binance Coin Reaches Bullish Exhaustion as It Is Stuck at $337 High
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price has recovered from the downtrend as it is stuck at $337 high. The cryptocurrency rallied to the high of $337 but has been resisted by the $340 overhead resistance. Since August 10, the bulls have struggled to break the $337 historical price level of May 25. On the upside, if the bulls break the recent high, the market will rally to the high of $360 or $380 price level. Nevertheless, BNB has reached the overbought region as further upward movement of prices is doubtful. On the downside, if the altcoin turns from the overhead resistance, the altcoin will decline to the low of $290 or above the 21-day line SMA.
Binance Coin (BNB) Indicator Analysis
The crypto is at level 72 of the Relative Strength Index for period 14. The crypto is in the overbought region of the market. BNB is likely to fall as sellers emerge in the overbought region. The coin is also above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. They 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 is in an uptrend as it is stuck at $337 high. Meanwhile, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that BNB will rise to level 2.618 Fibonacci extension or $363.69. However, BNB is still fluctuating below the $340 resistance zone.
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