BNB Price Maintains Uptrend, Long-Term Forecast Bullish
The price of Binance Coin (BNB) has been steadily rising, reclaiming the 21-day SMA support and staying above it. Since December 28, BNB has been fluctuating between the 21-day SMA support and the $340 resistance zone. The altcoin is now retesting the $340 level after experiencing double rejections in the past two weeks. If buyers break through this barrier, BNB could rise to a high of $438.
BNB Indicator Reading
BNB’s price bars are currently above the moving average lines, indicating an upward trend. The altcoin is finding support above the 21-day SMA, and despite retesting the $340 barrier, the moving average lines have remained horizontal.
Technical Indicators
Key resistance levels for BNB are $300, $350, and $400. Key support levels are $200, $150, and $100.
What’s Next for BNB/USD?
BNB has resumed its uptrend after a breakdown on December 28. It is currently trading between $290 and $340 and has challenged resistance twice. The altcoin is rising again to reach the resistance level, and if it is not broken, the current range will hold.
The previous analysis predicted that as long as doji candlesticks determine the price action, the price level of $317.30 will remain unchanged.
Hot Take: BNB Shows Strength with Uptrend
Despite facing resistance at the $340 level multiple times in recent weeks, Binance Coin (BNB) has shown resilience by maintaining its uptrend. With support from the 21-day SMA, BNB has the potential to rise to $438 if buyers can break through the current barrier. The altcoin’s price bars are above the moving average lines, indicating a bullish trend. However, if the resistance is not broken, BNB will continue to fluctuate above the moving average lines. Overall, BNB’s long-term forecast remains bullish as it continues to test key resistance levels.
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