BNB Price Analysis: Bullish Long-Term Forecast for Binance Coin (BNB)
The price of the Binance coin (BNB) has seen an excellent uptrend, rising to a high of $633.
Binance Coin Price Indicator Reading
On the 4-hour chart, BNB is in decline between the moving average lines. BNB is expected to move between the moving average lines in the coming days. On the daily chart, the price bars are above the moving average lines, indicating a further upward movement of the cryptocurrency.
Technical Indicators:
- Key resistance levels – $300, $350, $400
- Key support levels – $200, $150, $100
What is the Next Direction for BNB/USD?
BNB’s uptrend is on track as the price bars are retracing above the moving average lines. The price of the cryptocurrency has fallen and settled above the $540 support. The uptrend will resume once the current support holds. On the upside, buyers intend to push the altcoin above the $700 resistance.
Just a week ago, it was reported that the BNB price rose to a high of $493 before falling again.
Hot Take: BNB Price Expected to Continue Uptrend
The long-term forecast for BNB remains bullish, with indicators suggesting a potential continuation of its uptrend. Here’s what you need to know:
- The price of Binance coin (BNB) has surged to a high of $633, signaling strong bullish momentum in the market.
- The overhead resistance at $700 has not been tested or breached since November 1, 2021, indicating potential for further upside movement.
- BNB is currently trading at $567 and could experience a temporary dip to $525 before resuming its uptrend.
- A break above the $640 barrier would propel BNB to its high of $780, while a failure to hold above the existing support could result in a range-bound market between $460 and $640.
- Technical indicators show mixed signals, with the 4-hour chart indicating a decline between moving average lines and the daily chart suggesting further upward movement.
- Key resistance levels for BNB are at $300, $350, and $400, while key support levels are at $200, $150, and $100.
In conclusion, despite some short-term fluctuations, the overall outlook for BNB remains positive. Investors should closely monitor key support and resistance levels for potential buying or selling opportunities.
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