Binance Coin (BNB) has risen to its previous high of $697.
BNB price long-term prediction: bullish
The crypto price has bounced below the $700 mark in anticipation of an uptrend. However, if the bulls break through the $700 mark, BNB will rise to highs of $720 and $732 respectively.
However, if BNB fails to break through the moving average lines, it could fall above the recent lows. On 27 May, the altcoin was rejected at the $700 mark, causing it to fall below the moving average lines. In the meantime, BNB is rising as it approaches the $700 mark.
BNB price indicator reading
The price bars have risen well above the horizontal moving average lines. The 21-day SMA has crossed above the 50-day SMA, which is a bullish signal. BNB is in a gentle uptrend in the lower period and has crossed the $674 level. The cryptocurrency is in the overbought area of the market.
Technical indicators:Â Â
Major Resistance Levels – $600, $650, $700
Major Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
BNB has risen but has settled below the $700 level. Doji candlesticks are forming in the overbought area of the market. Doji candlesticks indicate traders’ hesitation about the trend direction.
However, there is a risk that BNB will fall when sellers appear in the overbought zone of the market. In the meantime, the price of the cryptocurrency has remained stable and is below its previous high.
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.
