Binance Coin Rises, But Hits The $810

The price of BNB surpassed its peak on July 23, reaching $810.

BNB price long-term prediction: bullish 

In previous price action, the market reached a high of $794 before it was sold off and the altcoin fell below the moving average lines.

Today, BNB has fallen back from its recent high and is trading below $800. BNB will rise if it retraces and stays above the $745 support. A breach of the $810 resistance will propel the altcoin to a high of $863.

However, if the altcoin falls below the $745 support, the selling pressure will increase again. BNB is now worth $770.

BNB price indicators analysis

Today, a long candle wick points beyond the $810 mark. This indicates strong selling pressure at the recent high. BNB has reached the overbought area of the market. Selling pressure will return when sellers emerge from the overbought area.

Technical indicators:  

Key Resistance Levels – $600, $650, $700

Key Support Levels – $400, $350, $300

What is the next move for BNB?

After the recent setback at $810, BNB is moving back towards the breakout level of $745. On the 4-hour chart, BNB is trading above the moving average lines but below the $810 level.

The cryptocurrency has continued its uptrend after retracing above the moving average lines. If buyers overcome the $810 resistance, the altcoin will reach new highs.

On July 19, Coinidol.com wrote that the Binance Coin price has risen to a high of $720 after breaking above the $700 resistance level.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.