The price of BNB (BNB) is trading above the 21-day SMA support but below the resistance at $760 after peaking at $794.
BNB price long term forecast: bearish
The altcoin has been in a sideways trend for the past two weeks after the uptrend came to an end. Resistance at $760 has hindered the cryptocurrency’s further upward movement.Â
On December 18, the bears broke the 21-day SMA support and BNB fell to a low of $668. The bulls bought the dips but the altcoin remains trapped between the moving average lines. BNB will continue its trend if it breaks either the 21-day or 50-day SMA. BNB will resume its uptrend once it breaks above the 21-day SMA resistance. This could take the coin to a high of $760.Â
However, BNB would fall further if the 50-day SMA support is breached. The altcoin will then hit a low of either $600 or $560. Meanwhile, the value of BNB stands at $701.
BNB indicator reading
BNB will be contained between the moving average lines if buyers fail to sustain the price above the 21-day SMA resistance. BNB will fall below the 50-day SMA support if it is rejected. The moving average lines on the 4-hour chart are horizontal and show a sideways trend since December 4.
Technical indicators:Â Â
Resistance Levels – $600, $650, $700
Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
On the 4-hour chart,
BNB is in a sideways trend but has dropped to a lower price level. The cryptocurrency is fluctuating between $660 and $740. BNB is fluctuating slightly due to the presence of doji candlesticks. The altcoin will continue to trade in a range as it is trapped between the moving average lines.
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.
