BNB Rises, But Cannot Overcome The $640 Mark

The price of Binance Chain Native Token (BNB) has regained its positive momentum after breaking above the moving average lines and reaching a high of $643.

BNB price long-term prediction: bullish

BNB could rise further if it pulls back and finds support above the moving average lines. The crypto price is back above the 50-day SMA and below the $643 level.

On the positive side, BNB will reach a high of $680 if it clears the first obstacle. After that, the bullish momentum will rise to $730.

However, BNB risks a drop to the downtrend zone if the bears break below the 50-day SMA support. The cryptocurrency would then drop to $520. BNB is now worth $627.

BNB indicator reading

After the recovery, BNB price bars are above the moving average lines. The altcoin has broken the 21-day SMA barrier on the 4-hour chart after being trapped between the moving average lines. Strong selling pressure at the recent high is indicated by extended candlestick wicks pointing to the $640 resistance.

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 uptrend zone and above the moving average lines. The cryptocurrency will try to rise if it finds support above the 50-day SMA. Resistance at $640 has resisted the uptrend twice. If the resistance at $640 is broken, the altcoin will be encouraged to go even higher.

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.