The price of Binance Chain Native Token (BNB) has fallen below the moving average lines after rejecting the 50-day SMA.
BNB price long term forecast: bearish
The cryptocurrency was trapped between the moving average lines for two weeks before falling. BNB fell to $586.90 but is already rising again. The goal of the buyers is to keep the price above the moving average lines. The uptrend will continue if the buyers keep the price above the moving averages.
BNB will reach $745, its previous high. However, if the downtrend breaks the $600 mark, BNB will fall to $558. The current value of the altcoin is around $630.
BNB indicator reading
There is a long candlestick tail pointing below the $600 support, which indicates strong buying pressure at this support level. The moving average lines have remained horizontal, indicating a sideways trend. BNB is only marginally traded as the price bars are characterised by doji candles.
Technical indicators:
Key Resistance Levels – $600, $650, $700
Key Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
BNB is trading in the bearish trend zone. The altcoin is trading in a range between $600 and below the moving average lines. On the 4-hour chart, the upside is facing a rejection from the 21-day SMA. BNB will be forced to move within the range if the current support holds.
Meanwhile, the crypto signal is range-bound as the altcoin holds above the $600 support.
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 Coin Idol. Readers should do their research before investing in funds.
