Binance Coin Regains Bullish Momentum but Targets the $312.54 High
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin’s (BNB) price retraces as it targets the $312.54 high. The bears attempted to break below the 21-day line SMA but the bulls bought the dips. Buyers are making efforts to push the altcoin above the moving average lines. On the upside, BNB will rise and retest the $336 overhead resistance if buyers are successful. Besides, a rally to $403 is possible if the overhead resistance is overcome. However, if selling pressure resumes, the market will decline to the next support above the $270 low or the 50-day line SMA. In the meantime, BNB is resuming upward as it reaches the high of $308 at the time of writing.
Binance Coin (BNB) Indicator Analysis
BNB is at level 55 of the Relative Strength Index for period 14. The altcoin is in the bullish trend zone as buyers and sellers struggle above the $300 support. The crypto’s price bars will be above the 21-day line SMA if the bulls are successful. BNB will rise as long as it trades above the moving average lines. The altcoin is below the 20% range of the daily stochastic. It indicates that the market is in the oversold region. Buyers have emerged as the altcoin resumed upward. 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
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin has resumed its uptrend as it targets the $312.54 high. Meanwhile, on August 14 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that BNB will fall to level 2.618 Fibonacci extension or $302.07. The altcoin is reversing after testing the 2.0 Fibonacci extension.
You can purchase crypto coins here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
