Binance Coin Pauses Below $320 High As It Reaches Overbought Zone

Mar 16, 2023 at 16:35 // Price
Coin Idol
Binance Coin has regained positive momentum

Binance Coin (BNB) has regained positive momentum after crossing the moving average lines.

Binance Coin price long term forecast: bullish

On March 12, the cryptocurrency asset rallied three times and moved into the positive trend zone. At the time of writing, BNB is worth $317.70 today. BNB will gain momentum as long as it trades above the moving average lines. The current trend could stop if the price falls below the moving average lines. The current uptrend is expected to surpass the previous high of $335. Price action has slowed as the market approaches overbought territory. However, if BNB resumes an uptrend and surpasses the $335 high, the market will reach the previous high of $360. BNB is currently trading above its 50-day line SMA. The price of the cryptocurrency will reach a low of $290 if it falls below the 50-day line of SMA.

Binance Coin indicator display

BNB has reached the level 63 of the Relative Strength Index for the period 14 due to the current price recovery. As long as the price bars remain above the moving average lines, the altcoin can continue to gain. The crypto asset market is now overbought. BNB is above the stochastic level of 80 on a daily basis. If sellers appear in the overbought area of the market, the altcoin is likely to fall.

BNBUSD(Daily Chart) - March 16.23.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 is currently trading in the bullish trend zone after a recent rally. The uptrend is slowed down around the $320 price point. The next resistance for the altcoin is at $335 if the current level is broken. BNB is currently fluctuating below the $320 high.

BTCUSD(4 Hour Chart) - March 16.23.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.

Show comments(0 comments)