Binance Coin (BNB) price has continued its uptrend after breaking above the moving averages. Moreover, the BNB price is trying to break through the initial resistance at $470. A break above this resistance will allow the altcoin to rally to $520 or $560.
In the last price action, Binance Coin was met with resistance at $470 as the altcoin fell to a low of $394, but the bulls bought the dips. Today, BNB is retesting the resistance level to overcome it. However, the price indicator shows that the altcoin has reached the overbought zone of the market. That is, the upward movement of the crypto is doubtful.
Binance Coin indicator reading
BNB has risen to level 65 on the Relative Strength Index for period 14. The cryptocurrency is in an uptrend area and above the midline 50. It is also approaching the overbought area of the market. The altcoin is still above the 80% range of the daily stochastic. When the market is overbought, sellers will show up and push prices lower.
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB/USD?
Binance Coin has risen above $390 support as the altcoin has rallied above the moving averages. Above the moving averages, further upside is expected. Meanwhile, the uptrend from October 13 has shown a candlestick testing the 61.8% Fibonacci retracement level. This retracement suggests that BNB will rise to the 1.618 Fibonacci extension or $511.50.
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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