Binance Coin Hits $314 High As Selling Pressure Returns

Jan 19, 2023 at 13:10 // Price
Coin Idol
If the selling pressure continues, the market will fall

Binance Coin (BNB) is rising while approaching the historical price level of November 26. The cryptocurrency's value rose to a high of $314.40 before declining.

Binance Coin price long term forecast: bullish

In a small range, the cryptocurrency value retreated above the moving average lines. The altcoin has fluctuated between levels of $240 and $325 since the price decline that began on November 9. BNB is starting to trend upwards again and is testing the upper barrier at $359 today. If buyers are able to overcome resistance at $317 and $325, the market will rise to a high of $359. However, if the buyers are not able to break through the resistances, the altcoin will continue to move in a limited range.

Binance Coin indicator display

The Relative Strength Index for period 14 indicates that BNB has declined to the 60 level. With an RSI value of 77, the cryptocurrency asset was previously overbought. As the cryptocurrency targets the upper resistance, the uptrend has resumed. Despite the retracement sending the altcoin higher, the price bars are above the moving average lines. BNB has downside momentum below the daily stochastic of 30.

BNBUSD(Daily Chart) - January 19.23.jpg

Technical indicators:

Key resistance levels - $600, $650, $700

Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

BNB has fallen below the moving average lines on the 4-hour chart.

It follows that the altcoin will continue to fall and reach a low of $270.

If the selling pressure continues, the market will fall and return to the lower price range to a level of $240.

BNBUSD(4 Hour Chart) - January 19.23.jpg    

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 research before investing in funds.

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