The price of Binance Coin (BNB) has continued its upward movement as it struggles to break through resistance at $302.
Today, BNB price has risen to $308 and has crossed $300 support. Further upside is possible as it approaches resistance at $350. If the bulls break the resistance at $300, the market will rise to the high of $350. However, the upward movement is facing resistance in the overbought area of the market. Binance Coin has fallen back above the $300 support, which was the previous resistance level. Selling pressure will resume if the price falls below the resistance level.
The cryptocurrency is at level 69 of the Relative Strength Index for period 14. BNB is approaching the overbought zone of the market. This indicates that the uptrend is reaching bullish exhaustion. The cryptocurrency price bars are above the 21-day line SMA and the 50-day line SMA, indicating further upward price movement. The daily stochastic is above the 80% area. This indicates that the market is in an overbought area. The 21-day line SMA and the 50-day line SMA are sloping upward, indicating an uptrend.
Key resistance levels - $600, $650, $700
Key support levels - $400, $350, $300
Binance Coin is reaching bullish exhaustion as the market approaches the overbought region. The altcoin is expected to reach the high of $350 before falling again. However, if the bears drop below the $300 support, the market will face selling pressure again.
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.