Yesterday, BNB rebounded above the $16.50 support to retest the $17.50 resistance level. The current resistance at $17.50 has not been broken since June 2.
Buyers have made three attempts to break the recent resistance but to no avail. Presently, the coin is facing rejection as buyers attempted to push above $17.50 high. As BNB faces rejection, it may pull back to $17 low.
A strong bounce above $17 will propel price to break the resistance at $17.50 and the overhead resistance at $18. The momentum will extend to $22 high if the bulls are successful. Binance coin will continue its range -bound movement below the resistance if it remains unbroken. In the meantime, the uptrend is approaching the overbought region. However, an overbought or oversold condition may not hold in a trending market
Binance Coin indicator reading
The price is above the EMAs which suggest that the market will rise. Presently, the crypto is above 80% range of the daily stochastic. It indicates that the market is approaching the overbought region . The coin is likely to fall. The EMAs are sloping upward.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
What is the next direction for BNB/USD?
Binance Coin has been trading below the $18 resistance since April. The reason is that buyers have failed to break the $18 resistance level after several retests. At the time of writing the bulls are struggling to breach the resistance level. A upward move is likely if the bullish momentum is sustained.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.