Binance Coin Makes a Sharp Rise, Hits the $32 Resistance

Binance coin (BNB) is making an impressive bullish run. In the current uptrend, the coin is approaching the $32 high.

While in the previous uptrend, BNB was stuck below the $24 resistance on August 5. Buyers were unable to push BNB above the resistance for over a month. 

The resultant effect was that the market dropped to $17 low. BNB rebounded above the $17 low and broke the current resistance. Today, the coin has rallied to a high of $32. The uptrend is likely to continue but price has reached the overbought region of the market. The crypto is likely to face a brief retracement.

Binance Coin indicator reading 

The price is making a series of higher highs and higher lows. The uptrend will continue as long as the trend remains unbroken. However, if price breaks and closes below the trend line, it is an indication that the market will fall. Today, BNB is above 80% range of the daily stochastic. It is an indication that price has reached the overbought region which suggests the emergence of Sellers.

Key Resistance Zones: $23, $24, $25

Key Support Zones: $15, $14, $13 

What is the next direction for BNB/USD?

Binance coin will continue to rise after the recent overbought region. In the previous trend of September 1, the retraced candle body tested the 38.2 % Fibonacci retracement level. The coin will rise and reach the 2.618 Fibonacci extension level. That is, BNB will rise and reach $41 high.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.