Binance Coin Breaches $18 Resistance, Larger Uptrend Is Still Intact

Binance Coin has risen to a new high of $20 high. Price accelerated upward after breaching the previous resistance at $18.

Before now the market has been consolidating above $17.50 as bulls made an effort to push price above the $18 resistance. After five days of consolidation, BNB rebounded to break the $18 resistance. 

The market reached a high of $19 but pulled back to $18.50 to resume the current uptrend. BNB has risen to the recent high at $20. The bulls and bears are still contesting the recent high as the coin reaches the overbought region.  A downward move may follow if the recent high is repelled.

Binance Coin indicator reading 

BNB is in the overbought region above 80% range of the daily stochastic. In a trending market, the overbought or oversold region conditions may not hold. The market will continue its upward move if price is sustained above the EMAs.

Key Resistance Zones: $320, $340, $360

Key Support Zones: $140, $120, $100

What is the next direction for BNB/USD?

Binance Coin has obtained a new high of $20 after the previous resistance was breached. The previous overhead resistance at $18 has remained unbroken since April. With recent development, the coin will rise if the recent high is broken. However, sellers will eventually emerge, if BNB reaches the overbought region of the market.                      

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.