Binance Coin Price Rallies to $430 High, Set for More Upside Momentum

Binance Coin Price Rallies to $430 High, Set for More Upside Momentum

June 3, 2021

Binance Coin's (BNB) price rallied to $430 high but pulled back. The rally to the recent high was because of a stiff resistance at the high of $380.

Binance Coin (BNB) Price Long-Term Prediction: Bullish

The recent uptrend was created after a rebound above the $320 support. However, the upward move was interrupted at the $380 resistance which has been overcome. On the upside, if the current bullish momentum is sustained, BNB may reclaim the $500 support. Above this level, the market is expected to resume the upside momentum. On the other hand, the current uptrend may face stiff resistance at the high of $500. This can cause the altcoin to fall to the previous low.

Binance Coin (BNB) Indicator Reading 

BNB price has broken above the resistance line of the descending channel. When the price breaks and closes above the resistance line, it means that the uptrend is likely to continue on the upside. The crypto is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The altcoin is above the 80% range of the daily stochastic. It indicates that the market has reached 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?

Binance Coin is in an upward move. The Fibonacci tool has indicated a further upward movement of prices. Meanwhile, on May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extension or level $475.59.  

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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