Binance Coin Is in a Sideways Trend, Battles Overhead Resistance at $18

Binance Coin has been on a downward move after attaining a peak price of $18 high. Yesterday, BNB fell to $15.50 and rebounded.

The bulls are pushing prices to retest the overhead resistance at $18. Buyers have not been able to push BNB above $18 high since April 30 when the crypto first attained the peak price of $18. The crypto has been in a sideways trend since then. 

After the last bearish impulse of June 11, the coin has been consolidating between $16 and $16.50. The crypto broke the lower range to reach a low of $15.50. On the upside, a strong bounce above the current support will propel price to break through the resistance of $16.50 and $17.50. The momentum will extend to retest the overhead resistance at $18. On the other hand, if the bears break the current support, BNB will revisit the low of $14.50.

Binance Coin indicator reading 

Binance Coin is still in the bearish trend zone as price is below the EMAs. The crypto will have the tendency to fall since it is below the EMAs. In the meantime, the coin is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

Key Resistance Zones: $24, $26, $28

Key Support Zones: $12, $8, $4  

What is the next move for Binance Coin?

Binance Coin has fallen and it is testing the previous lows of May. In May, buyers bought from the dips to push BNB to retest the $18 overhead resistance. However, after a retest at the overhead resistance in June, the crypto resumed a downward move. BNB is expected to rise as the market is in a bullish momentum.

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 Coin Idol. Readers should do their own research before investing funds.

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