Binance Coin Surges Ahead , Breaks Resistance at $520
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) is above the moving averages. Buyers have pushed the price above $520 high. The $520 resistance has been holding since October 29 which has been breached. The current bullish move may be short-lived as the altcoin reaches the overbought region
Binance Coin (BNB) Indicator Analysis
BNB is at level 69 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone and above the centerline 50. The altcoin has reached the overbought region of the market.
Binance Coin has a bullish crossover. That is, the 21-day SMA crosses above the 50-day SMA which indicates a by signal. BNB is above the 80% range of the daily stochastic. It indicates that BNB is in a bullish momentum and it is in the overbought region.
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, BNB/USD is in an upward move.BNB price has broken above the moving averages and the resistance at $520. Meanwhile, on November 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Binance Coin will rise to level 1.272 Fibonacci extension or $564. 70.
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