Binance Coin is still on a tear but appears to be hitting a ceiling at the area of interest visible on the daily time frame. If this holds as a ceiling, BNB could resume the slide to the swing low.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. Then again, the price has managed to climb above the 200 SMA to indicate that bullish momentum is picking up. Also, the gap between the moving averages is narrowing to indicate weakening bearish momentum and a potential bullish crossover.

Price is also testing the 50% Fibonacci retracement level that lines up with a former support area around the psychological $10 mark. If this holds as resistance, Binance Coin could resume the slide, at least until the nearby support zones.

RSI is already in the overbought zone and has started to turn lower to signal that selling pressure is returning. Similarly stochastic is starting to move south so the price could follow suit as bears are back in play.

Profit-taking seems to be in play for Binance Coin these days as the digital asset has been higher by close to 75% so far this month. Still, there’s a lot to look forward to as developers are said to be preparing for the launch of their own blockchain called Binance Chain which will allow projects to raise funds and launch their own tokens upon its mainnet.

Another thing to look forward to is the Binance DEX which will be built on top of Binance Chain and should be launched at some point this month. Of course, traders are also keeping tabs on Binance Launchpad after its recent BitTorrent BTT sale that sold out in less than 20 minutes.

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