Binance Coin Rallied to an Overbought Region, May Face Rejection at $370

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Technical indicators:
Major Resistance Levels – $640, $660, $680
Major Support Levels – $540, $520, $500

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin’s (BNB) price is making a positive upward correction as it breaks above the 21-day line SMA and approaches the 50 -day line SMA. On the upside, if the bulls break above the 50-day line moving average, the altcoin will be out of the downward correction. Nevertheless, if BNB faces rejection at the 50-day line SMA, the crypto will fall and be compelled to a range-bound move between the moving averages.

Binance Coin (BNB) Indicator Analysis
BNB is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. BNB price bars are above the 21-day line SMA but below the 50-day line SMA indicating a possible range bound movement of the coin. It is above the 50% range of the daily stochastic. The market is in bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend

What` Is the Next Direction for Binance Coin (BNB)?
Binance Coin is in an upward correction as price breaks above the moving averages. The uptrend is facing an initial resistance at the high of $340. Meanwhile on May 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to level 2.0 Fibonacci extension or $374.42.

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