Binance Coin (BNB) price is in an upward correction as the price breaks out above the 21-day line SMA. The current upward movement is encountering resistance at the $240 high. On June 26, BNB was pushed back at the same resistance level as the market fell to a low of $205.
If the current resistance is broken, BNB could rise to the $300 high or above the 50-day line SMA. The cryptocurrency will be out of a downward correction if the current upward momentum continues. On the other hand, if the bulls fail to break the current resistance level, BNB will fall and be forced to move between the moving average lines. In the meantime, BNB is trading at $237 and faces a rejection of the recent high.
Binance Coin indicator reading
BNB is at level 49 of the Relative Strength Index of period 14. It indicates that there is a balance between supply and demand. The price of the cryptocurrency is above the 21-day line SMA, but below the 50-day line SMA, indicating a possible movement within a range. BNB is above the 80% area of the daily stochastic. The altcoin has moved up into the overbought zone. It is likely that the market will decline as it experiences rejection at the $240 high.
Technical indicators:
Major Resistance Levels – $300 and $350
Major Support Levels – $200 and $150
What is the next direction for BNB?
Binance Coin selling pressure has eased as the altcoin makes an upward correction. BNB will be forced to move within a certain range as it faces a rejection of the recent high. Alternatively, the uptrend will continue as the altcoin rises again and breaks the current resistance 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.
Source: https://coinidol.com/binance-coin-240-high/