Binance Coin Returns to Bullish Trend Zone, but Cannot Overcome $275 High
Binance Coin (BNB) price rose to a high of $272 and then fell back. Since July 19, buyers have failed to sustain bullish momentum above the $275 resistance zone. However, if the bulls break through the $275 resistance, the price will rise to a high of $323.
Binance Coin (BNB) Price Long Term Forecast: Bullish
Further upside is doubtful as the market has reached an overbought region. Currently, BNB is on the way down. However, if BNB turns from the recent high, it will fall above the moving average lines. This is an indication that the bears are active at higher price levels.
The downtrend will continue if the bears break below the moving average lines.
Binance Coin (BNB) Indicator Reading
The altcoin is at level 60 of the Relative Strength Index for period 14. BNB is trading in the bullish trend zone and could continue to rise to the previous highs. The altcoin’s price bars are above the moving average lines, indicating further upward movement. BNB is above the 80% area of the daily stochastic. The market has reached the overbought area. The 21-day line SMA and the 50-day line SMA are sloping upward, indicating an uptrend.
Key resistance zones: $46, $48, $49
Key support zones: $15, $14, $13
What is the next direction for BNB/USD?
Binance Coin is trading in overbought territory and is facing rejection at a high of $275. The uptrend is hindered in the overbought region of the market. Last week, BNB was moving below the overbought region. The altcoin is likely to fall back to the previous support.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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