BNB has been boosted by recovering crypto market
The token is currently trading at a resistance of $326
Watch for a breakout to buy higher; otherwise, sell to snap it lower
Binance coin BNB/USD has been one of the strongest cryptocurrencies recently. At the current trading of $321, BNB has risen by more than 30% in a month. Estimates by CoinMarketCap show that BNB will end August at $360.91. The cryptocurrency is now facing speed bumps, which coincides with resistance at $326.
BNB powers the world’s largest cryptocurrencies, which explains the recent gains. Investors once again getting back to cryptocurrencies could be boosting the trading volumes. Leading cryptocurrencies, including Bitcoin and Ethereum, escaped their prior bottoms.
BNB hits resistance after the latest pump
Source – TradingView
Technically, BNB is bullish. The cryptocurrency has been moving in a system of higher highs and higher lows since mid-June. The cryptocurrency has also been on an upward momentum.
BNB has hit resistance at $326, and the bullish momentum has slowed. The cryptocurrency’s bullish momentum still remains in place. An RSI reading of 71 suggests that investors have been piling up on BNB, and it is already overbought.
Concluding thoughts
Although the bullish momentum for BNB has slowed, it remains in place and could break out soon. That is evident from the strong bullish push at the key resistance where the token is currently trading.
Alternatively, profit-taking at the resistance could force a bear weakness on the BNB. If that becomes a reality, BNB could correct to $288, the next support.
Investors should consider selling now to buy lower or buy after a breakout. The next potential resistance level for BNB is $380. For now, we recommend watching the price action for the next trigger for buy trades.
The post Binance token faces another litmus test as the target hit at $326 appeared first on CoinJournal.