The Price of Binance Coin (BNB) Remains Within a Limited Range
The latest price analysis report suggests that the price of Binance Coin (BNB) is currently trading within a limited range. The range is between $200 and $213, and there have been rapid price fluctuations in the last 48 hours. BNB retested the October 9 low of $202 before bouncing back to the $213 resistance level.
Currently, BNB is moving slightly between the moving average lines, with buyers protecting the support at $200. Active buying can be seen at lower price levels through the extended candle tails.
Indicators Show Bearish Outlook for BNB Price
BNB price bars have consistently closed below the moving average lines, indicating selling pressure and bearish exhaustion. The market is oversold, suggesting a low probability of further selling pressure. The 50-day line SMA and the 21-day line SMA serve as resistance levels for the price bars.
Technical Indicators
Key resistance levels for BNB/USD are $300, $350, and $400, while key support levels are $200, $150, and $100.
What’s Next for BNB/USD?
The Binance coin has remained within its range at the bottom of the chart. Doji candlesticks indicate that the price range has not changed. However, if buyers are attracted by cheaper prices, it may drive up the price of the altcoin.
On September 28, BNB crossed the moving average lines and recovered from previous lows. The uptrend ended at a high of $221.60 on October 6.
Hot Take: BNB Price Stuck in a Limited Range, Potential for Upside
The price of Binance Coin (BNB) has been trading within a limited range of $200 to $213. Despite rapid price fluctuations, buyers have managed to protect the support at $200. The indicators suggest a bearish outlook, with price bars consistently closing below the moving average lines. However, if buyers are enticed by cheaper prices, there is potential for an increase in the price of BNB. It will be interesting to see if the altcoin can break out of its current range and experience upside movement.
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