Binance Coin (BNB) price has recovered above the 21-day SMA after two rejections at the $640 high. BNB moved lower to $554 price level.
BNB price long-term forecast: bullish
On the upside, BNB will rise above the $700 overhead resistance if buyers break above the $640 resistance level. The cryptocurrency will fully recover from its dip as long as it stays above the overhead resistance.
However, BNB will trade in the bull market if the buyers are successful. According to analytics by Coinidol.com, if the bulls fail to break the current high, BNB will start a sideways move above the 21-day SMA or the $510 level, with resistance at $640.
BNB indicator reading
Both charts show that BNB’s price bars are above the moving average lines. This indicates the beginning of another upward wave above the resistance level. The current rally could be over if the bears fall below the 21-day SMA. On the daily chart, the 21-day SMA is the support line.
Technical indicators:
Key resistance levels – $600, $650, $700
Key support levels – $400, $350, $300
What is the next direction for BNB/USD?
The BNB price is in a range after being pushed back twice at the $640 resistance. The altcoin is trading sideways between $500 and $625. Currently, the upward movement is encountering resistance at $585. The rejection will force the altcoin to continue fluctuating in its range.
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.
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- Source: https://coinidol.com/bnb-rises-above-500/
