Binance Coin Pushes on the Upside but May Face Stiff Resistance at $700

Binance Coin (BNB) price has risen above its moving averages, indicating a possible upward price movement. The current uptrend is facing resistance at the $640 price level.

Resistance at $640 has not been breached since November 7. Nevertheless, the long candlestick wicks have been pointing to the resistance zones for the past month. These long candlesticks suggest that the $680 or $700 price levels are strong selling points. The current upside move is doubtful based on the candlestick wicks description. A rally to $700 is possible if current resistance is broken. Conversely, if BNB is rejected at the recent high, it will fall to $580.

Binance Coin indicator reading

BNB has risen to level 55 on the Relative Strength Index for period 14. The cryptocurrency is in the uptrend zone and above the midline 50. The market is above the 68% area of the daily stochastic. BNB/USD is in a bullish momentum.

Technical indicators:  

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB?

Binance Coin is in an uptrend but is hitting a small resistance at the recent high. Meanwhile, the uptrend from November 21 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that BNB will rise to the 2.0 Fibonacci extension level or $700.

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.