Binance Coin (BNB) price has reached the $340 resistance level and is currently retracing its steps.
BNB has recovered above the moving average lines with a high of $330 today. This is the price action since February 3. On the upside, buyers were unable to sustain bullish momentum above the $340 high. The market is overbought near the recent high. BNB will fall both above and below the moving average lines. Since February 3, the price of the bitcoin asset has fluctuated between $280 and $340. Currently, BNB is trading above the moving average lines. The rise will continue if the price stays above the moving average lines. The altcoin will rise again and try to overcome the $340 hurdle. If the price of the cryptocurrency falls below the moving average lines, the selling pressure will increase again.
BNB is at level 53 of the Relative Strength Index for the period 14. Despite the setback, BNB is still in the upward zone. If the altcoin declines and holds above the moving average lines, it could rise. If the price bars above the moving average lines, the altcoin will also rise. BNB has downward momentum below the daily stochastic of 50.
Key resistance levels - $600, $650, $700
Key support levels - $300, $250, $200
Binance Coin will continue to move sideways if it fails to overcome the above-mentioned resistance at 340. The price of the cryptocurrency has remained constant and fluctuates between $280 and $340. On the 4-hour chart, BNB is between the moving average, which indicates that a sideways trend will continue.
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.