Cryptocurrency analysts of Coinidol.com report, the price of Binance Coin (BNB) has been rising after staying above the key support level of $220.
Binance Coin price long term forecast: bearish
Since June, the altcoin’s price has hovered between $220 and $260. At the time of writing, BNB is trading at $244.30. The cryptocurrency asset is consolidating above the current support in a narrow range.
The price of BNB fluctuated last week, and the appearance of indecisive small-bodied candles known as doji slowed down the price movement. The upward correction is currently rejected at the 21-day line SMA or resistance at $260. It can be concluded that the movement within the trading range will continue for several days.
Binance Coin indicator display
BNB is correcting upwards and approaching the Relative Strength Index level 38 for the period 14. The altcoin is still in a downtrend and could continue to fall. The price bars are below the moving average lines, which leads to a price decline. The moving average lines act as price bar resistance. The altcoin’s momentum is below the 75 level of the daily stochastic.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
Binance Coin is now trading near the bottom of the chart. Currently, BNB is expected to fall as it is facing rejection on its recent high. The crypto price has been pushed back as it approaches an overbought area of the market. BNB price is now stabilizing above the existing support. If the range boundaries are broken, the altcoin will develop a trend.
On Jun 16, 2023, Coinidol.com reported that: On June 12, the bearish momentum fell to a low of $220.60 as the bulls bought the dips. The breakout is in line with the historical price level of December 17, 2022.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
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- Source: https://coinidol.com/binance-coin-corrects-upwards/
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