The price of Binance coin (BNB) continued its uptrend and rose above the 21-day SMA. Price analysis by Coinidol.com.
Long-term outlook for BNB price: bullish
The bears have once again failed to push BNB below the moving average lines. BNB would have fallen to prices as low as $510 and as high as $420. The buyers overpowered the bears by keeping the price above the moving average lines. BNB is currently trading above the 21-day moving average line but below the barrier at $640. Doji candlesticks have slowed the price’s uptrend.
Nonetheless, buyers are trying to push the altcoin above the $645 resistance. BNB’s price target is $700. However, if the 21-day SMA support is breached, the bullish scenario would be invalidated. BNB will fall to the next support above the 50-day SMA or the low of $604.
BNB indicator reading
The BNB price bars are above the upward sloping moving average lines. The 21-day SMA serves as a support line for the cryptocurrency’s uptrend. On the 4-hour chart, the moving average lines are horizontal, indicating the current trend.
Technical indicators:
Key resistance levels – $600, $650, $700
Key support levels – $400, $350, $300
What is the next direction for BNB/USD?
BNB remains in a sideways trend below the overhead resistance of $645. The horizontal trend will be broken if the bulls break through the resistance at $645. The bears will break the sideways trend by breaking below the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
