Binance Coin (BNB) Price Analysis
Binance Coin (BNB) experienced a drop below the $574 support level on June 18, followed by a retracement. Here is a detailed analysis of the long-term forecast for the Binance Coin price and what indicators suggest for its future direction.
Current BNB Price Status and Forecast
BNB has been consolidating around the $580 support level, trading below the moving average lines. If the bears manage to break below this support, BNB might retest the previous low of $560, which has been a strong support level since May 1. However, if the price bounces back and moves above $560, we can expect a bullish trend that could push BNB to its previous high of $635, while the current value of BNB stands at $584.50.
BNB Indicator Analysis
Despite the recent dip in price, the current price bars are below the moving average lines but above the $580 support level. The appearance of doji candlesticks above the support indicates a slowdown in price movement. The moving average lines have maintained a horizontal trend despite the overall decline in cryptocurrency prices.
Technical Indicators for BNB/USD
- Key resistance levels – $600, $650, $700
- Key support levels – $400, $350, $300
What’s Next for BNB/USD?
On the 4-hour chart, BNB is currently trading sideways, moving between $570 and $600 after facing a rejection at the moving average lines. The ongoing fluctuations and the presence of doji candlesticks above the $580 support level indicate a potential pause in the recent decline of BNB price.
Hot Take: Should You Buy or Sell BNB?
Considering the current price consolidation and the possibility of a bounce back from the support level, it may be a good time to consider buying BNB. However, traders should closely monitor the resistance levels and moving averages for any signs of a potential reversal. Selling BNB at this point might not be the best strategy as the cryptocurrency could regain bullish momentum in the near future.
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