Binance Coin (BNB) price is bearish between the moving average lines. Price analysis by Coinidol.com.
BNB price long-term forecast: bearish
Binance Coin (BNB) has experienced two rejections at the highs of $330 and $310, leading to its decline. BNB is now trading at $300.30. The cryptocurrency remains trapped between the moving average lines. Should the bears break the 50-day SMA to the downside, BNB would drop to a low of $270.
In the meantime, the altcoin is holding above the support level of $300 or the 50-day SMA. Since January 8, buyers have stubbornly supported the existing support level of $290. Long candlestick tails indicate support at $290, suggesting strong buying pressure at the previous low.
BNB indicator reading
The price bars remain between the moving average lines after the rejection at $310. The sideways trend has held the moving average lines horizontally. The price movement was limited by the doji candlesticks.
Technical indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
On the 4-hour chart, BNB is still in a sideways trend and falling into a lower price range. On the 4-hour chart, the price movement is limited to the $290 and $311 price levels.
Moreover, doji candlesticks play an important role in characterizing the cryptocurrency value.
Previously on January 19, Coinidol.com reported that on the 4-hour chart, BNB was trading in a narrow range of $290 to $320.
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-two-rejections/