Binance Coin Faces Strong Rejection at $520, May Continue Range Move

Binance Coin (BNB) price is in a gentle uptrend as buyers continue to press on. Today, buyers are pushing the altcoin to a high of $520, but are encountering resistance. By the way, the resistance at $520 is in place after the cryptocurrency price peaked.

Binance Coin is in a sideways movement due to the break of the uptrend. On the upside, the altcoin has limited room for recovery as the price has reached the overbought zone. Any price movement will be met with rejection. A downward price move is unlikely as the price bars remain above the moving averages.

Binance Coin indicator reading

BNB is at the 64 level of the Relative Strength Index for period 14, indicating that the market is in the bullish trend zone and above the midline 50. The cryptocurrency is below the 80% range of the daily stochastic. The market was previously in a bearish momentum but has regained a bullish momentum.

Technical indicators:

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB/USD?

Binance Coin is moving marginally higher as it faces a strong rejection at the recent high. Meanwhile, the September 1 uptrend has a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that BNB will rise, but will suffer a setback at the Fibonacci extension of 1.272 or at $518.95.

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 own research before investing funds.