The price of Binance coin (BNB) has fallen below the moving average lines but remains above the 50-day SMA.
BNB price long-term forecast: bearish
The decline will continue if the bears break below the 50-day SMA. The decline is due to the buyers’ failure to sustain the price above the upper resistance level of $340.
Today, BNB has fallen to a low of $290.80. If the 50-day SMA support holds, the BNB price will be trapped between the moving averages. The market will oscillate between the moving average lines while the next move is determined. However, if the current support level is breached, the market would drop to a low of $281.
BNB indicator display
The price bars are between the moving average lines but above the 50-day SMA. If the current support is broken, the bears would gain an advantage. The horizontal moving average lines are trending lower with the current decline.
Technical indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What’s next for BNB/USD?
On the 4-hour chart, BNB fell to a low of $291 before consolidating back above this level. Over the past 48 hours, BNB has been trading between the $291 support and the moving average lines. However, if the current support level is breached, the market would drop to a low of $281. Long candlestick tails are retesting the existing support level.
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.
