BNB/USDT market analysis

Binance Coin (BNB) turned down from the overhead resistance at $433 on Aug. 17 but the bulls did not allow the price to break below the 20-day EMA ($384).

A strong rebound off the 20-day EMA has pushed the price above the stiff resistance at $433. If bulls sustain the price above $433, the BNB/USDT pair could start its northward march toward $520 and then to $600.

The rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. This bullish view will be negated if the price turns down and breaks below the 20-day EMA. That could result in a decline to $340.


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