BNB Pulls Back And Faces The $640 Barrier

Binance Chain Native Token (BNB) price has fallen below the moving average as it faces the rejection of the $640 barrier. Price analysis by Coinidol.com.

BNB price long-term prediction: bullish

From March 17 to March 28, the cryptocurrency traded above the moving average lines. The altcoin moved above the moving average lines but below the $640 mark. Buyers tried to push the altcoin to highs of $680 and $700, but were unsuccessful. The altcoin has fallen to a low of $584 but is currently trading above the $590 support level.

Since March 29, BNB has been trading in a limited range above the $590 support and below the moving average lines. On the downside, BNB will fall to $548 if the bears break the $590 support level. The altcoin will return to the bullish trend zone if the buyers push the price above the moving average lines. Currently, BNB is at $608.50.

BNB indicator reading 

After the price drop on March 29, the price bars returned below the moving average lines. BNB will continue to fall if it is rejected at the moving average lines. The moving average lines remain horizontal as BNB continues its sideways movement.

Technical indicators:  

Key Resistance Levels – $600, $650, $700

Key Support Levels – $400, $350, $300

What is the next direction for BNB/USD?  

BNB is trading in the bearish trend zone in a narrow range between the support at $590 and the moving average line/resistance at $620.

On the 4-hour chart, the price of the cryptocurrency is correcting upwards after breaking above the 21-day SMA. If the 21-day SMA support holds, the cryptocurrency will be trapped between the two moving average lines. This will cause the cryptocurrency to continue its range-bound movement.

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