Binance Coin Is On The Rise, But Challenges High Of $324

Binance Coin (BNB) is currently trading in the bullish trend zone after breaking above the moving average lines.

Binance Coin price long term forecast: bullish

Buyers are pressuring the altcoin to test or break above the $340 resistance. BNB, on the other hand, rose to a high of $334 before falling. Further gains to the upside will be stopped by the $340 resistance. BNB is trading at $322.30 and is currently consolidating above the moving average lines. The cryptocurrency asset will continue to rise and retest the $340 resistance as long as the price bars above the moving average lines. If the altcoin overcomes the resistance, it will rise to its all-time highs of $360 and $400. On the other hand, the downtrend will resume if the price falls below the moving average lines.

Binance Coin indicator display

BNB is currently at level 54 of the Relative Strength Index for period 14. The altcoin could rise if an uptrend is seen. The price bars and the altcoin are also above the moving average lines, indicating a possible increase in the price of cryptocurrencies. The altcoin has bullish momentum above the daily stochastic value of 25.

Technical indicators:

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

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

What is the next direction for BNB/USD?

Binance Coin is in the bullish trend zone and is retesting the $340 resistance. On the 4-hour chart, the altcoin rose to a high of $332 before being pushed back. There is little room for further growth above the $324 high, but if the altcoin overcomes the upside resistance at $324 and $332, it will reach the $340 high.

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.