Binance Coin Stuck at $520 Overhead Resistance, Uptrend Likely
Binance Coin (BNB) price is trading in the bullish trend zone as bulls try to retest the $520 overhead resistance. Today, the market hit a high of $478.
Since August, buyers have unsuccessfully tried to keep prices above the $520 high. Instead, the cryptocurrency is facing strong resistance at the recent high. Should the bulls break through the overriding resistance, the market will see an accelerated price move up to $620. BNB/USD will rally to $650. On the other hand, if the bulls fail to keep the price above the resistance, the current range-bound move will continue.
Binance Coin indicator reading
The cryptocurrency has fallen to the 55 level of the Relative Strength Index of period 14. The cryptocurrency is in the bullish trend zone and is capable of further upward movement. The price bars above the 21-day line SMA and the 50-day line SMA, indicating a possible upward movement. The altcoin is below the 40% area of the stochastic on the daily chart. The market was previously in a bearish momentum.
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB/USD?
Binance Coin has been in an uptrend. However, the uptrend has been stuck at the $520 resistance zone. Meanwhile, the uptrend has retraced a candlestick that tested the 50% Fibonacci retracement level on October 7. This retracement suggests that BNB will rise to the 2.0 level of the Fibonacci extension, or the $632.90 level.
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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