Binance Coin Price Long-Term Forecast: Bullish
The price of Binance Coin (BNB) reached a high of $257.10 on December 12 but then fell again. Currently, the cryptocurrency is moving around the moving average lines, which it has been doing since July 14.
BNB/USD has struggled to continue its upward trend in the past four months due to resistance at $260. However, if this barrier is broken, it will signal a new upswing and the price is expected to remain in an uptrend until it reaches $300.
If the bears break through the support level at $220, BNB will fall further to around $203.
BNB Indicator Reading
The price bars have returned above the moving average lines since November 6, indicating that BNB may retest the resistance at $260. The upward pointing moving average lines also support the uptrend.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the Next Direction for BNB/USD?
As long as the resistance at $260 remains intact, BNB/USD will continue to trade sideways. The current retracement above the moving average lines needs to hold for the altcoin to resume trading.
Hot Take: Binance Coin’s Price Outlook
The Binance Coin (BNB) price has faced resistance at $260 but may have an opportunity for an upswing if this level is broken. The cryptocurrency has been trading within a range of $220 to $260, and breaking below $220 could lead to a further drop in price. On the other hand, if BNB manages to break above $260, it could continue its uptrend towards $300. Technical indicators suggest a bullish outlook, but traders should closely monitor the resistance and support levels for potential price movements.
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