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.
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.
The current bias is bearish as long as BNB fails to move above the key resistance.
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.
Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter
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