BNB Price Long Term Forecast: Bullish
The price of Binance Coin (BNB) has been on the rise after breaking out of its trend area. On October 23, the cryptocurrency surpassed the moving average lines and broke through the resistance level of $220. It reached a high of $237.60 before experiencing a slight decline. However, BNB found support above the $221 price point, indicating potential further increases if this support level holds. A retracement candlestick tested the 38.2% Fibonacci retracement level on October 16, suggesting that BNB could rise to the 2.618 Fibonacci Extension level or $251.60. Currently, BNB has retraced to a low of $223, but positive momentum will continue if it surpasses the resistance level at $236. Conversely, if BNB falls below the $220 support level, it may remain within its trading range.
BNB Indicator Reading
Prior to its recent breakout, BNB price bars were below the moving average lines. However, with the breakout, the price bars have moved above these lines, indicating support for upward movement in the cryptocurrency’s price. In the shorter time frame, BNB has reversed course and fallen between the moving average lines, suggesting that prices will continue to fluctuate within a range.
Technical Indicators
Key resistance levels for BNB include $300, $350, and $400, while key support levels are at $200, $150, and $100.
What is the Next Direction for BNB/USD?
Binance Coin is currently rising but remains below the resistance level of $231. The cryptocurrency is moving sideways within this range and is currently priced between $220 and $231. To continue its trend, BNB will need to break through these range bound levels. If it manages to surpass the barrier at $231, the price target of $251.60 could be reached.
Hot Take: BNB’s Price Rise Stalls
Last week, BNB experienced a decline that halted when it reached a low of $208. At the time of writing, the altcoin is trading at $210.50.
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