Binance Coin Resumes Fresh Uptrend as Buyers Fail to Sustain Recent Rallies

Binance Coin is in an uptrend but it is facing rejection at the recent high. Today the market has risen above $42 after a rebound above $38 support.

Before the recent upward move, BNB has attained a higher price level of $47 but was repelled. On January 17, the crypto reached a high of $47 in an uptrend. Buyers struggled to break the resistance but were repelled. The crypto dropped to $36.50 and rebounded after three days of correction.

The coin has a similar price action on January 10, where it had a breakdown after testing the resistance at $45. The coin dropped to $34 from the high of $45. The bulls failed to sustain recent rallies. Every new high attainment attracts bearish consequences. Buyers have recouped to retest the $45 and $47 resistance. A break above these resistances will catapult the coin to the high of $52.

Binance Coin indicator reading 

The coin is at level 54 of the Relative Strength index. It indicates that the crypto has enough room to rally in the uptrend zone. The price is attempting to break above the 21-day SMA. The coin will rise if the price is above the SMAs.

Key Resistance Zones: $46, $48, $49

Key Support Zones: $15, $14, $13 

What is the next direction for BNB/USD?

Binance Coin is in an upward move. The Fibonacci tool has indicated an upward movement of the coin. On January 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will rise and reach level 1.618 Fibonacci extensions or the high of $61.49.

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.