BNB Trades Sideways And Approaches The High At $232

BNB price has maintained its uptrend and has risen to retest the barrier at $232. Cryptocurrency price analysis brought by Coinidol.com.

BNB price long term forecast: bullish

The current uptrend is likely to be rejected as the bullish momentum continues. BNB is approaching the resistance at $237 and the price indicator predicts further upward movement of the cryptocurrency. BNB is expected to rise to the high of $249.70 if the current resistance level is broken. However, if the bullish scenario is invalidated, BNB will fall above the breakout level of $220. The altcoin will start its movement between $220 and $240. At the time of writing, the altcoin is trading at $228.60.

BNB indicator reading

On October 26, BNB recorded a bullish crossover when the 21-day SMA crossed above the 50-day SMA. On the lower time frame, the price bars fluctuate below and above the 21-day SMA. This indicates a sideways movement for the cryptocurrency.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

Since October 24, the price of BNB has been oscillating below the resistance level of $232.  Buyers will have a hard time breaking through the $232 and $237 resistance levels. Nevertheless, analysts believe that the cryptocurrency will continue to rise.

As we reported on October 27, on October 23, the price of the cryptocurrency rose above the moving average lines and broke above the resistance level of $220. The cryptocurrency value rose to a high of $237.60 before falling back. 

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/bnb-approaches-high-232/