Binance Coin Breaks above Resistance at $460, Pushes on the Upside

BNB is likely to be rejected at the recent high. If the price declines, it could fall to the breakout level of $460. However, if BNB falls back above the $460 support level, it would signal the resumption of a downtrend. At the time of writing, BNB is trading at $486.42.

Binance Coin indicator reading

The altcoin is at level 79 on the Relative Strength Index for period 14. Binance Coin is now trading in overbought territory. There is a possibility that the cryptocurrency will fall into the overbought zone. This is confirmed by the daily stochastics as it is above 80%. The 21-day line SMA and the 50-day line SMA are pointing north, indicating an uptrend.

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 likely to move back up after a small retracement. On the 4 Hour Chart BNB/USD has broken through resistance at $460. Another uptrend is likely. Meanwhile, a bearish candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that BNB will rise but initiate a reversal at the 1.272 Fibonacci extension or $480.58.  

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.