Binance Coin Rebounds Above $258, Faces Initial Resistance at $300 High

Binance Coin (BNB) rebounds above $258 support as price reaches the high of $300 and pulls back. There is a long candlestick tail indicating that the bulls have bought the dips as the crypto rebounds above the current support.

The current bullish momentum is likely to extend to the high of $320. Subsequent upward move is doubtful as the crypto reaches the overbought region of the market. Nonetheless, if buyers breach the resistance at $340, Binance Coin will be out of downward correction. The altcoin will rise to retest the $430 overhead resistance. In the meantime, BNB is struggling to break the initial resistance at $300.

Binance Coin indicator reading

BNB is still trading above the 80% range of the daily stochastic. It indicates that BNB is in the overbought region of the market. The altcoin is likely to fall as prices reach the overbought region. The altcoin price is at level 45 of the Relative Strength Index period 14. The crypto is in the downtrend zone and capable of falling in the bearish trend zone. 

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 likely to rise as price breaks above the moving averages. Meanwhile, on July 21 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extensions or level $321.73. From the price action, Binance Coin (BNB) is facing resistance at the $300 high.

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.