Binance Coin Reaches Overbought Zone And Drops To $271

Jan 12, 2023 at 12:05 // Price
Coin Idol
Binance Coin price has risen above the moving average line

Binance Coin (BNB) price has broken above both the $255 resistance level and the 50-day line SMA, moving into positive trend territory.

Binance Coin price long term forecast: bullish

When the price crossed the 50-day moving average line, the BNB price rose to a high of $286. If the current bullish momentum is maintained, BNB will rise to the next resistance at $317. However, the overbought area of the market has been reached by the current rally. The upside is currently rejected at the high of $288. If the price breaks above the resistance level at $288, the current uptrend will resume. If BNB is rejected at the recent high, the price will fall. Above the breakout level of $255, it will decline and find support. BNB's price is at $283.60 at the time of writing.

Binance Coin indicator display 

BNB has reached level 67 on the Relative Strength Index for period 14, indicating that it is approaching the overbought zone. The price bars of the cryptocurrency are above the moving average lines, which allows it to rise. Below the 80 level of the daily stochastic, BNB has negative momentum. The market may continue to lose ground.

BNBUSD(Daily Chart) - January 12.23.jpg

Technical indicators: 

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

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

What is the next direction for BNB/USD?

Binance Coin price has risen above the moving average line, resuming its positive momentum. As the price enters the overbought zone of the market, the uptrend stops. BNB will be forced to trade in a range between $255 and $290 price levels in the meantime. Currently, the price is falling to a lower level.

 BNBUSD(4 Hour Chart) - January 12.23.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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