The price of Binance Coin (BNB) has continued to increase as buyers attempt to overcome resistance at $445. On March 24, bulls smashed through resistance above $400, continuing the altcoin’s upward trend. Additional gain is possible if the bulls overcome the $445 resistance.
If the current resistance is broken, the Binance Coin price will soar to $506 once more. However, Binance Coin is presently trading in the market’s overbought zone. As a result, the present rally may fail to reach the $506 level. Sellers will enter the overbought region, lowering prices. On the downside, if the current uptrend is disrupted, BNB/USD may fall back above the $420 support level. Nonetheless, the market has achieved a record high of $446 as of this writing.
Binance Coin indicator
The cryptocurrency is trading at 70 on the Relative Strength Index for period 14, indicating that it has entered the market’s overbought zone. Further growth of the cryptocurrency is speculative. The BNB price has crossed over to the positive side. When the 21-day moving average crosses over the 50-day moving average, a buy order is indicated. The 50-day and 21-day moving averages are upward sloping, indicating that the market is in an uptrend. Binance Coin is trading above the daily stochastic’s 73 percent range. The altcoin’s bullish momentum has resumed.
Technical indicators:
Major Resistance Levels – $700 and $750
Major Support Levels – $400 and $350
What is the next direction for BNB?
BNB/USD is in a little upward trend. The upswing hit a peak of $446, but has since halted. If the resistance is broken, the market will rise above $500. On the other side, if sellers come in the overbought area of the market, the cryptocurrency will decline.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
