The bulls have repeatedly tested the $260 resistance but have yet to continue their uptrend. Binance coin price analysis by Coinidol.com.
Binance coin price long-term forecast: bullish
Binance (BNB) coin price rose to a high of $257.10 on December 12 before falling again. The cryptocurrency will either pull back above or below the moving average lines. The price has been moving like this since July 14.
BNB/USD has struggled to continue its uptrend over the past four months as higher rallies have been nipped in the bud by overhead resistance at $260. A break above this barrier will signal the start of a new upswing. The price is expected to remain in the uptrend zone until it reaches the $300 level.
BNB is currently trading in a price range of $220 to $260. If the bears break through the $220 support level, BNB will fall on the downside. As a result, the value of the altcoin will fall to a low of $203.
BNB indicator reading
The price bars have returned above the moving average lines since November 6. This will allow the altcoin to retest the overhead resistance of $260. A sustained retest of the recent high will weaken the $260 resistance. The moving average lines are pointing upwards due to the uptrend.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
BNB/USD will continue to trade sideways as long as the overhead resistance at $260 remains intact. The price of the cryptocurrency has retraced and is now hovering above the support level of $249. The altcoin will resume trading if the current retracement above the moving average lines holds.
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 the research before investing in funds.
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- Source: https://coinidol.com/binance-retests-the-high/
