Binance Coin in a Downward Correction, Fighting Resistance at $310

Binance Coin in a Downward Correction, Fighting Resistance at $310

June 24, 2021

Binance Coin (BNB) is in a positive uptrend. The current uptrend is facing resistance at the $310 high. The resistance at $310 is the previous support from May 29. In that price action, the market rallied up to $420 high.

In today’s price action, BNB is likely to face rejection at the recent high. If the price of the cryptocurrency is rejected at the recent high, Binance Coin will fall to $255. Moreover, the current uptrend is approaching the overbought area of the market. This will attract the emergence of sellers to push the prices down. On the other hand, if buyers overcome the resistance at $310, the cryptocurrency will rise to either $380 or $420.

Binance Coin indicator reading

The altcoin is at level 41 of the Relative Strength Index of period 14. It indicates that the crypto is in the bearish zone and is below the midline 50. BNB is above the 80% area of the daily stochastic. This indicates that the market is in a bullish momentum. Sellers are likely to show up in the overbought region.

Technical indicators: 

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350

What is the next direction for BNB/USD?

BNB/USD is in an upward correction. However, as the price reaches the overbought area of the market, the uptrend may be broken. Meanwhile, the downtrend tested the 61.8% Fibonacci retracement level on June 8; a retracement candlestick. This retracement suggests that the market will fall to the 1.618 Fibonacci Extension level or the $267.10 level.  

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.

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