Binance Coin Revisits the $280 Resistance as Buyers Recover To Resume Uptrend
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Binance Coin (BNB) Long-Term Analysis: Bullish
Binance Coin (BNB) has regained bullish momentum as buyers recover to resume uptrend. The cryptocurrency has risen to the high of $276 but faced rejection at the $280 resistance zone. The current resistance level is the previous support level of May 12. On the upside, if the bulls break the current resistance level, the market will rise to the previous highs of $330 and $403 price levels. Binance Coin will decline below the moving average lines if it faces rejection at the $280 resistance zone.
Binance Coin (BNB) Indicator Analysis
BNB is at level 65 of the Relative Strength Index for period 14. It indicates that BNB is in the bullish trend zone and may further rise to the previous highs. The crypto’s price bars are above the 21-day line SMA and 50-day line SMA, signaling the resumption upward move BNB is above the 70% range of the daily stochastic. The market is in a bullish momentum. 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 is making an upward correction as buyers recover to resume uptrend. The current uptrend has reached the overbought region. BNB price is now fluctuating in the overbought region. The altcoin will decline if it faces rejection at the recent high.
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