Binance (BNB) coin price analysis: A look at the current trend
The Binance (BNB) coin price is currently trading in a horizontal pattern, showing modest movement. Let’s dive into the analysis to understand the current trend.
Long-term forecast for the BNB price: fluctuating
Since May 5, the BNB price has been trading within a narrow range of $580 to $600. In the past week, we have seen indecisive small-bodied candles, keeping the price above $590. Currently, the altcoin is at $595.50, above its moving average lines.
- If the price moves higher, it could break through the resistance at $635.
- On the other hand, if the bears push below the moving average lines, we might see a drop to $520.
BNB indicator reading
The cryptocurrency price is consolidating above the moving average lines on both charts. However, the appearance of doji candlesticks raises questions about a potential rise. On the 4-hour chart, long candlestick wicks indicate strong selling pressure at higher levels.
Technical indicators:
- Key resistance levels – $600, $650, $700
- Key support levels – $400, $350, $300
What is the next direction for BNB/USD?
Currently, BNB is consolidating within a narrow range above the $580 support level. The price bars are above the moving average lines, indicating a potential rise. The cryptocurrency is gearing up for a positive trend ahead.
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