Binance Coin Makes Upward Moves as the Altcoin Approaches the High of $440
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price is trading in the bullish trend zone as the altcoin approaches the high of $440. The uptrend is confirmed as price broke above the moving averages, retraced and retested the moving averages before resuming upward. The current uptrend is likely to reach the high of $440 but will face resistance at the recent high. In the previous price action, the altcoin has been facing rejection at the $430 high. Besides, BNB/USD has reached the overbought region of the market.
Binance Coin (BNB) Indicator Analysis
Binance Coin has continued to make positive moves as the altcoin rises to level 57 of the Relative Strength Index period 14. The cryptocurrency is in the uptrend zone and capable of further upward. BNB is above the 80% range of the daily stochastic. Binance Coin has reached the overbought region of the market. Sellers are likely to emerge to push price down.
Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500
What Is the Next Direction for Binance Coin (BNB)?
On the 4 hour chart, Binance Coin is in an upward move as the altcoin approaches the high of $440.. Meanwhile, on March 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BNB will rise to level 1.618 Fibonacci extension or $434.90.
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