Binance Coin (BNB) – Confronting a tough resistance bar

Binance Coin (BNB) – Confronting a tough resistance bar

Posted on Tuesday, November 1 2022 at 8:45 pm GMT+0000

Following an impressive 28% rally over the last couple of weeks, Binance Coin (BNB) hit a snag and appears to be fading somewhat from the vicinity of the 337.00 barrier, which has proven a tough upside deterrent in the last months.

Nevertheless, from a technical perspective, the bullish appetite could persist in the forthcoming sessions, given the positive charge exhibited by the Ichimoku lines and the encouraging signals reflected by the oscillators. The MACD and KST are both rising beyond their signal and zero lines.

Should the coin sustain its current path and jump beyond 337.00, the buyers will then push harder to conquer the March 14th inside swing bottom of 359.40. If efforts prove successful, the rally will speed up towards the mid-April bottom of 391.50.

However, the stochastics’ bearish cross beyond the 80-overbought mark, is feeding some skepticism among traders, especially with the price confronting an important resistance level.

Thus, if that resistance bar proves a hard nut to crack, the price will slip back towards the 305.75 – 296.40 area encompassing the Ichimoku lines and the September – October highs. A dip below these barricades will see the negative pressures intensifying towards the 259.00 – 255.00 territory, linking the previous two months’ bottoms.

In a nutshell, Binance Coin is sending strong bullish vibes in the medium-term picture, and a clear victory against the 337.00 key obstacle will unleash an even stronger rally.