Binance Coin Turns From the $280 High amidst Expectation of Price Rebound

Binance Coin (BNB) is now trading in the uptrend zone as the price breaks above the moving average lines. On July 19, the cryptocurrency rose to a high of $276, but was rejected.

The current resistance level is the May 12 price level. The current uptrend is in danger of being rejected at the $280 resistance zone as it retraces. 

If the buyers overcome the $280 resistance zone, the market will rise to the previous highs of $330 and $403. In the meantime, the BNB price is sinking downwards. The altcoin will resume a new uptrend if the altcoin declines and finds support above the moving average lines. However, if the bears break below the moving average lines, the downtrend will resume as the altcoin finds support above the $220 low. BNB/USD is trading at $256 at press time.

Binance Coin indicator reading

BNB is at level 57 of the Relative Strength Index for period 14. The altcoin is trading in the uptrend zone due to the recent price movement. Despite the retracement, BNB price bars are above the moving average lines, indicating a continued uptrend. The cryptocurrency value is below the 80% area of the daily stochastic. This indicates that the market is in a bearish trend zone.

Technical indicators:  

Major Resistance Levels - $300 and $350

Major Support Levels - $200 and $150

What is the next direction for BNB?

Binance Coin has regained a bullish momentum as the price breaks above the moving average lines. The cryptocurrency is trading in the uptrend zone as it struggles below the initial resistance at $280. The uptrend will continue if the price bars remain above the moving average lines.

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.