BNB Falls To $690 Low As Demand Dries Up At Higher Levels

The latest price analysis by Coinidol.com report, the price of Binance Coin (BNB) has fallen below the moving average lines, reaching a low of $659 on January 13.

BNB price long term forecast: ranging

The cryptocurrency was previously trading above the moving average lines but below the resistance level of $745. BNB was pushed back to the recent high and quickly fell below the moving average lines. The bears broke the previous trading range and entered the downtrend zone. In the downtrend zone, the altcoin fell to a low of $659 before recovering. 

BNB is now trading below the moving average lines but has pulled back from support at $660. On the downside, BNB should expect further declines as long as it remains in the downtrend zone. 

The altcoin will resume an uptrend if buyers keep the price above the moving average lines. However, if the altcoin turns down from the moving average lines, selling pressure will resume. The altcoin will drop to a low above $659. BNB is now valued at $690.

BNB indicator reading

The BNB price has slipped below the moving average lines, but the long candle tail points to support at $660. The extended candlestick tail suggests significant buying pressure at the $660 support. Doji candlesticks appear when the cryptocurrency dips below the moving average lines. The doji candlesticks will cause BNB to move in a limited range.

Technical indicators:  

Key resistance levels – $600, $650, $700

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

Yesterday, on the 4-hour chart, BNB was falling below the moving average lines. The uptrend has ended and the market is now trading in the bearish trend zone. The cryptocurrency is trading above the support level of $660 but below the moving average lines or resistance at $700. The price of the cryptocurrency has remained stable in the middle of the price range.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.