Binance Coin’s Uptrend Is under Threat as It Is Overbought at $330
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) has continued to increase in value since crossing the $317 threshold as it is overbought at $330. If the upward momentum is maintained, the value of the cryptocurrency asset is likely to increase further. At the time of writing, BNB has reached a high of $331. If the price of the coin rises further, BNB will increase to its prior high of $361. Additionally, the current bullish momentum can slow down now that BNB has entered an overbought area of the market. On the negative side, the altcoin may drop above the $300 support as it approaches the overbought area. The altcoin is now trading at $331 at the time of writing.
Binance Coin (BNB) Indicator Analysis
BNB is now in the overbought region at level 70 of the Relative Strength Index for period 14. The overbought area of the market will draw in sellers. The altcoin will lose value as a result of this. The moving average lines, which have caused the price movement, are above the price bars. BNB is much higher than the daily Stochastic level 80. The market is allegedly in an overbought state.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
BNB’s positive trend has continued to rise as it is overbought at $330. The coin is on its way to reaching its previous high of $361. However, when the cryptocurrency approaches the overbought area, the upward movement could be hampered.
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