Binance Coin (BNB) has been correcting upward after the June 11 breakdown. The recent breakdown was the bull’s failure to push BTC above $17.50 high.
On June 14, after an initial rejection from the $18 overhead resistance, buyers struggled for over a week to break the $17.50 resistance. Eventually, the bulls were overcome as the market dropped again. This is the reason for the recent price correction.
BNB is moving upward but it is facing resistance at the minor resistance at $17. As the price is fluctuating below $17, a strong bounce above $16.50 will propel the coin to break through the resistance levels and retest the $18 overhead resistance. The crypto’s upward move will be accelerated to $21 high if buyers are successful above $18 resistance. However, BNB will be compelled to sideways move below $17 if the bulls fail to act.
The BNB coin is embarking on a fresh uptrend after the recent breakdown. It is above 25% range of the daily stochastic. The market now has bullish momentum. The bulls are struggling to break above the support line. If successful, the uptrend will resume.
Key Resistance Zones: $24, $26, $28
Key Support Zones: $12, $8, $4
Binance Coin has three more hurdles to jump over. The bulls have to break the resistance levels $17, $17.50, and the $18 overhead resistance. Failure of the bulls will compel the crypto to be in a sideways move. From the price action in May, the bulls broke the current resistance and pushed the price to $18 overhead resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.