BNB Pulls Back at a Critical Resistance, is $300 Incoming? (Binance Coin Price Analysis)

Binance Coin had a strong rally that appears to be ending after the price has hit a key resistance.

Key Support level: $267

Key Resistance level: $332

BNB was rejected by the key resistance at $332 and now entered a pullback that could take the price back to the key support at $267. This correction was expected, considering that BNB had a strong rally without any significant pullbacks since late July.

Chart by TradingView

Technical Indicators

Trading Volume: The buying volume remained strong through this week, but now the bears have taken control over the price action.

RSI: The daily RSI has hit 75 points and was briefly in the overbought zone before bears turned around the price action. It is currently falling below 70 points.

MACD: The daily MACD remains bullish, but the histogram shows a bearish divergence with lower highs. If buyers cannot regain control of the price action, this could end up as a key reversal point for BNB in the short to medium term.

Chart by TradingView

Bias

The current bias is bearish as long as BNB fails to move above the key resistance.

Short-Term Prediction for BNB Price

After a strong performance from BNB in the past few weeks, the bullish momentum appears to fade, and bears may take over the price action in the near term. If so, the cryptocurrency could reach the critical support at $267.

The post BNB Pulls Back at a Critical Resistance, is $300 Incoming? (Binance Coin Price Analysis) appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published.