Binance Coin Swings Up, Attempts to Break Overhead Resistance at $18

Buyers have made three attempts to break the recent resistance but to no avail. Presently, the coin is facing rejection as buyers attempted to push above $17.50 high. As BNB faces rejection, it may pull back to $17 low.

A strong bounce above $17 will propel price to break the resistance at $17.50 and the overhead resistance at $18. The momentum will extend to $22 high if the bulls are successful. Binance coin will continue its range -bound movement below the resistance if it remains unbroken. In the meantime, the uptrend is approaching the overbought region. However, an overbought or oversold condition may not hold in a trending market

Binance Coin indicator reading 

The price is above the EMAs which suggest that the market will rise. Presently, the crypto is above 80% range of the daily stochastic. It indicates that the market is approaching the overbought region . The coin is likely to fall. The EMAs are sloping upward.

Key Resistance Zones: $320, $340, $360

Key Support Zones: $140, $120, $100 

What is the next direction for BNB/USD?

Binance Coin has been trading below the $18 resistance since April. The reason is that buyers have failed to break the $18 resistance level after several retests. At the time of writing the bulls are struggling to breach the resistance level. A upward move is likely if the bullish momentum is sustained.

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.