BNB Price Analysis: Stuck in a Range
Binance Coin (BNB) has been moving between $220 and $260 since June 12, with static price movement due to the presence of Doji candlesticks. The upward movement is limited by the 21-day line SMA.
- BNB/USD is currently trading in a limited range between $220 and $240, with resistance at $240 holding back the price.
- Bulls need to hold the support level of $220, as long candlestick tails indicate significant buying at lower price levels.
- BNB is currently at level 35 of the Relative Strength Index and correcting higher after testing the oversold area.
Technical Indicators and Price Levels
Key resistance levels for BNB are $300, $350, and $400, while key support levels are $200, $150, and $100.
Next Direction for BNB/USD
Binance Coin has reached bearish exhaustion as it consolidates above the support level of $220. If this support holds, BNB is expected to resume its uptrend. At the time of writing, BNB is trading at $244.30.
Hot Take
Despite being stuck in a range, BNB has the potential to continue its upward movement if the current support level holds. Traders should keep an eye on the $220 level for further price action.
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