Binance Coin Surges Ahead but May Face Resistance at $440 High

Binance Coin (BNB) price has broken out above the moving averages as the cryptocurrency rises to the upside.

The current upward movement is likely to reach the $440 high, but buyers will face resistance at the resistance level. Since February 7, buyers have failed to break through the $440 resistance level. Today, BNB is trading at $411 at press time. 

If the bulls break through the resistance at $440, the market will rise to the next resistance at $510. On the other hand, if BNB leaves the resistance at $440, the altcoin will be forced to move between $340 and $440. However, after the January 22 price drop, the altcoin continues to move in a range.

Binance Coin indicator reading 

The BNB price is at level 59 on the Relative Strength Index for period 14. The RSI has increased as the cryptocurrency has risen in the uptrend zone. The 50-day line and the 21-day line of the moving averages are inclined horizontally, indicating a sideways trend. BNB has been fluctuating in a range over the past two months. Binance Coin is above the 80% area of the daily stochastic. The current uptrend could face rejection at the recent high.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

BNB/USD is in an uptrend. The BNB price is posting higher highs and higher lows. The current uptrend has reached the overbought area at $411. The trend line indicates the support levels of the prices. The cryptocurrency will continue to be in an uptrend as long as the price stays above the moving averages and the trend line.

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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