Binance Coin Continues Its Rallies as Bulls Gain More Grounds

Aug 09, 2020 at 10:23 // News
Coin Idol
Binance Coin has moved upward

BNB has been making a consistent upward move despite the recent retracements. Interestingly, the crypto has reached another high of $23.50 but the coin is in the overpriced region.

Sellers emerged to push prices downward. The coin retraced to $22 low and resumed an upward move. Today, BNB has moved upward and has reached the $23.00 resistance zone. 

For BNB to continue its upward move, the price has to break the resistance at $23 and $23.50. Today, price is testing the $23 resistance to break above it. The next target of BNB is the $26 high if price rebounds and breaks the resistance at $23 and $23.50. BNB will be compelled to a sideways move if buyers fail to push the coin above the resistance. The market may be range-bound between $22.50 and $23.50.   

Binance Coin indicator reading 

The price is attempting to break above the support of the ascending channel. If price breaks and closes above the support line, the uptrend will resume. BNB is at level 69 of the RSI period 14. The market is in the uptrend zone and likely to rise.

BNB-CoinIdol (1).png

What is the next direction for BNB/USD?

Today, BNB is still testing $23 resistance to break above it. Meanwhile, in the August 5 uptrend, a red candle body tested the 0.786 Fibonacci retracement level. It indicates that BNB will rise to reach the 1.272 Fibonacci extension level. At that level, price will reverse and return to 0.786 Fibonacci retracement where it originated. In other words, BNB will reach $26.5 and later drop to $22.50 low.

BNB-CoinIdol(2 Chart).png

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