BNB Price Long Term Forecast: Bearish
The price of Binance Coin (BNB) has fallen below the moving average lines after being rejected from its previous high. Currently, BNB is trading at $210.50, with the decline stalling after reaching a low of $208. This pattern of rejection has been occurring since August 17, with each rejection followed by a candlestick with a long wick pointing up. This indicates that BNB is facing significant selling pressure at higher price levels.
Resistance at $220 is limiting the upside for BNB, while on the downside, the coin has managed to stay above the $200 level. Long downward candlestick tails suggest strong buying pressure at lower price levels. Currently, BNB’s price range is confined between $200 and $213.
Technical Indicators:
Key resistance levels: $300, $350, $400
Key support levels: $200, $150, $100
Binance Coin Indicator Display
Following the recent price decline, the BNB price bars have fallen below the moving average lines, indicating a further decrease in cryptocurrency value. The market has entered the oversold zone. On the 4-hour chart, BNB’s price is situated between the moving average lines, suggesting that the altcoin may trade sideways for a few days.
What is the next direction for BNB/USD?
If Binance Coin manages to stay above the $208 support level, it is likely to continue trending sideways in the lower time frame. However, there are indications that it may experience further declines and reach a low of $203. If the bears break through the $208 support level, selling pressure will resume.
According to a report on October 12, BNB prices have remained stable as selling pressure appears to have exhausted its bearish momentum.
Hot Take: BNB Faces Selling Pressure and Potential Decline
The price of Binance Coin (BNB) has been facing resistance at $220, limiting its upside potential. However, the altcoin has managed to stay above the $200 support level, with significant buying pressure evident at lower price levels. Currently, BNB is trading between the moving average lines, indicating a period of sideways movement. If it can hold above $208, it may continue this trend. However, there are indications that BNB may experience further declines, potentially reaching a low of $203. The upcoming price movements will depend on whether the bears can break through the $208 support level.
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