The BNB price has bounced above the moving average lines after failing to break above resistance at $620.
BNB price long-term forecast: bullish
Last week, the digital asset traded above the 50-day SMA and below the $620 resistance. BNB has yet to resume its move as traders are still uncertain about the direction of the market. BNB price remains above the 50-day SMA and is rising today. The uptrend will attempt to break or retest the $620 resistance level. The altcoin will rise to a high of $645 if it breaks above the $620 high.
However, the uptrend is just above the 50-day SMA. Should the bears break the 50-day SMA support, BNB will drop to the $580 floor. At the time of writing, BNB is trading at $603.
BNB price indicator reading
BNB has been trading above the moving average lines since April 23. Those who have defended the 50-day SMA support are now buyers. The long candle tails below the lines indicate strong buying pressure above the moving average. The moving average lines have remained horizontal.
Technical indicators:
Key Resistance Levels – $600, $650, $700
Key Support Levels – $400, $350, $300
What’s next for BNB/USD?
BNB remains above the $600 support and is trading in the uptrend zone. The altcoin is in a sideways movement on the 4-hour chart, above the $590 support and below the $620 barrier.
The moving average lines are currently hindering the uptrend and the cryptocurrency price is oscillating above and below them.
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.
