Coinidol.com: BNB Rises But Struggles Below $630

BNB's price has slipped below the moving average lines but remains above the 21-day SMA support after being caught between the moving averages.

BNB Price Long-Term Prediction: Bearish

If the 21-day SMA support is breached, selling pressure will continue to $600 or lower. If the 21-day SMA support holds, BNB will remain within the moving averages. Buyers were unable to sustain bullish momentum after the altcoin was rejected twice at highs of $653 and $640.

On the downside, if the bears break below the 21-day SMA support, BNB will retest its previous lows of $600 and $580. BNB has been range-bound for the past few months, trading above the $580 support but below the moving average lines. Today, BNB fell below the moving average lines, indicating a further slide to $600. BNB is at $616.

Technical indicators:

• Resistance Levels – $1,000, $1,050, $1,200

• Support Levels – $900, $850, $800

BNB Indicator Reading

The 21-day SMA support remains steady as buyers attempt to push the price above the moving average lines. On the 4-hour chart, the price bars are below the horizontal moving average lines. Buyers are attempting to push prices above the moving average lines. BNB will resume its bullish ascent once buyers sustain bullish momentum above the moving average lines.

What is the next direction for BNB/USD?

The BNB price has recovered after finding support above the $620 low and breaking above the 21-day SMA level. On the 4-hour chart, the price bars are above the 21-day SMA support but below the 50-day SMA barrier.

On the upside, BNB will rise to a high of $650 if it breaks above the 50-day SMA barrier. Similarly, if buyers fail to push the price above the 50-day SMA, the crypto price will be trapped between the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.