Binance Coin Rebounds as It Targets Its Prior High of $340

Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200

Binance Coin (BNB) Long-Term Analysis: Bearish
Binance Coin (BNB) price is rising as it targets its prior high of $340.
A series of higher highs and higher lows are being seen in the price of the cryptocurrency. The higher low crosses below the moving average’s lines. In between the moving average lines, the price of the cryptocurrency has crossed the 50-day SMA today. As of this writing, BNB is trading at $325.10. If the moving average lines are broken upward, the altcoin will be catapulted to once more achieve its prior high of $340. The BNB price may get trapped between the moving average lines if it is unable to go above the moving average lines. Currently, the price of BNB/USD trades between $280 and $340.

Binance Coin (BNB) Indicator Analysis
On the Relative Strength Index for period 14, BNB is at level 49. The price of the crypto asset has reached its equilibrium point. This suggests that demand and supply are equal. The asset is now confined between the moving average lines as it breaks above the 50-day SMA today. BNB is on a positive momentum above the daily Stochastic level of 70. The overbought area of the market is getting closer for the altcoin.

What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is in a bullish trend as it targets its prior high of $340. The upward correction on the 4-hour chart is probably going to get rejected at the 21-day SMA. The price indicator predicts that BNB will decline to level 2.0 of the Fibonacci extension, or $302.80.

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