BNB Price Long Term Forecast: Bearish
The price of Binance coin (BNB) is currently attempting to break the resistance at $213, which is the 21-day line SMA. The cryptocurrency’s price has been falling but within a limited range. It remains between $200 and $213.
If BNB manages to break above the 21-day line SMA, it could rise to the 50-day line SMA. This would signal a continuation of the uptrend, with the price potentially reaching $220 or even $227. However, if the 50-day line SMA blocks the upward movement, BNB will likely trade sideways for a while.
BNB Indicator Display
The BNB indicator shows that the cryptocurrency is currently in a negative trend. The Relative Strength Index is at 48 in the 14th period, indicating a negative sentiment. If the 21-day line SMA is breached, the price of BNB will likely be restrained between the moving average lines. On a positive note, BNB is currently trending above the 40 level of the daily stochastic, which suggests that it may regain its bullish momentum if it breaks through this barrier.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What Is the Next Direction for BNB/USD?
Binance coin has recently shown positive momentum by surpassing the $206 support level. If it continues to rise and breaks above the 21-day simple moving average, it will encounter another obstacle at the $216 high. Rejection at this level could result in BNB trading within a certain range.
In September 2023, BNB reached the resistance at $216, represented by the 21-day line SMA. This slowed down its upward movement.
Hot Take: BNB’s Price Movement Remains Challenged
The price of Binance coin (BNB) is currently facing resistance at $213, represented by the 21-day line SMA. Although BNB has the potential to rise further if it breaks this level, the overall forecast remains bearish. The cryptocurrency’s price has been falling within a limited range and is currently between $200 and $213. The BNB indicator suggests a negative trend, but there is a possibility of regaining bullish momentum if certain barriers are overcome. Traders should closely monitor key resistance and support levels for BNB/USD to determine its future direction.
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