Binance (BNB) coin price falls but is trapped between moving average lines. Cryptocurrency price analysis by Coinidol.com.
BNB price long term prediction: bearish
After reaching a high of $274 on November 21, Binance coin price fell below the moving average lines. The price has returned above the 50-day simple moving average but remains trapped between the moving average lines. The upward movement is currently encountering resistance at $240. On the negative side, if the altcoin declines and falls below the 50-day SMA, the market will fall further. BNB will then fall to the previous price range between $203 and $223.
In the meantime, the altcoin is still trading between the moving average lines with a high of $235.20.
BNB indicator reading
The price of BNB is falling, but the price bars are still between the moving average lines. The cryptocurrency is expected to oscillate between the moving average lines for a few days. The moving average lines on the 4-hour chart are sloping horizontally, indicating a sideways trend.
Technical indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
BNB is in a downtrend and could start a sideways movement. If the moving average lines remain unbroken, the cryptocurrency will start a move between these lines. Breaking the 50-day SMA or the 21-day SMA will determine BNB’s next path.
Last week the price of Binance coin entered a sideways trend after the uptrend ended on November 6. Due to the barrier at $256, buyers had made four unsuccessful attempts to resume the current rise, as reported by Coinidol.com on November 17.
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-oscillates-range/
