The price of Binance Coin (BNB) has surpassed the historical price level of $700 in May 2021.
BNB price long term forecast: bullish
On December 4, the cryptocurrency reached the $800 resistance level before pulling lower. The altcoin experienced another rejection near the high of $760 after reversing course on December 4.Â
The cryptocurrency fell well above the 21-day SMA and started a new trend. In other words, BNB is trading above the 21-day SMA support at $680 but below the resistance at $760. The downtrend was interrupted above the 21-day SMA, allowing the altcoin to resume its uptrend. If the bulls break through the current $760 level, the altcoin will rise above its $800 high. If the bulls fail to break the previous high, the price range of $680 to $760 will remain unchanged.
BNB indicator reading
After the breakdown on December 4, the price bars recovered above the moving average lines. Doji candlesticks are forming as the altcoin begins a rangebound move above the moving average lines. On the 4-hour chart, BNB is trapped between the moving average lines and starts a sideways movement.
Technical indicators:
Resistance Levels – $600, $650, $700Â
Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
On the 4-hour chart, BNB has fallen below the moving average lines. The upward movement has paused below the $720 level. The altcoin is trading in a narrow range, above the $660 support and below the $720 resistance level. BNB is trading slightly above the current support of $700.
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.
