The Binance Coin (BNB) price has continued to rise as buyers attempt to break through resistance at $445. On March 24, bulls broke through resistance at $400 as the altcoin continued to push higher. Further upside is likely if the bulls break through the $445 resistance.
Binance Coin price will rise again to $506 if the current resistance is broken. However, Binance Coin is now in the overbought region of the market. Therefore, the current uptrend may not reach the $506 price level. Sellers will appear in the overbought region and push the prices down. On the downside, BNB/USD may fall back above $420 support if the current uptrend is broken. Nevertheless, the market has reached a high of $446 at the time of writing.
Binance Coin indicator reading
The cryptocurrency is at level 70 of the Relative Strength Index for period 14, which means that the altcoin has reached the overbought zone of the market. Further upward movement of the cryptocurrency is doubtful. The BNB price shows a bullish crossover. The 21-day line crosses above the 50-day moving averages, indicating a buy order. The 50-day line and the 21-day moving averages are upward sloping, indicating an uptrend. Binance Coin is above the 73% range of the daily stochastic. The altcoin has resumed its bullish momentum.
Technical indicators:
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB?
BNB/USD is in a gentle uptrend. The uptrend has reached the high of $446, but the upward movement has temporarily stalled. The market will recover above $500 if the resistance is broken. On the other hand, the altcoin will fall if sellers appear in the overbought area of the market.
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-resistance-445/