Binance Coin (BNB) has experienced a recovery in its price, surpassing the 21-day SMA (Simple Moving Average) after facing two rejections at the $640 high. The price of BNB dropped to $554 before bouncing back. In this article, we will explore the long-term forecast for BNB and analyze its indicator readings.
BNB price long-term forecast: bullish ๐
If buyers manage to break above the $640 resistance level, BNB is expected to rise above the $700 overhead resistance. As long as it remains above this level, the cryptocurrency will fully recover from its recent dip. However, if the bulls fail to break the current high, BNB will likely enter a sideways movement above the 21-day SMA or the $510 level, with resistance at $640.
BNB indicator reading ๐
Both charts indicate that BNBโs price bars are currently above the moving average lines. This suggests the start of another upward wave above the resistance level. However, if the bears manage to push the price below the 21-day SMA, it could signal an end to the current rally. On the daily chart, the 21-day SMA serves as a support line.
Technical indicators:
โ Key resistance levels: $600, $650, $700
โ Key support levels: $400, $350, $300
What is the next direction for BNB/USD? ๐ค
Currently, BNB is trading within a range after facing rejection twice at the $640 resistance level. The altcoin is moving sideways between $500 and $625. However, it is encountering resistance at $585 in its current upward movement. If this resistance holds strong, BNB will likely continue fluctuating within its established range.
In conclusion ๐
Based on recent developments in BNBโs price and technical indicators, there are several key takeaways:
โ BNB has recovered above the 21-day SMA after facing rejections at the $640 high.
โ The long-term forecast for BNB remains bullish, with the potential for a rise above the $700 overhead resistance.
โ Indicator readings suggest the beginning of another upward wave, but a drop below the 21-day SMA could signal the end of the current rally.
โ BNB is currently trading within a range and encountering resistance at $585.
As always, it is important to conduct thorough research and analysis before making any investment decisions. Stay informed and keep an eye on the market trends to make well-informed choices regarding BNB.
Remember, investing in cryptocurrencies carries risks, and itโs crucial to only invest what you can afford to lose. Happy trading! ๐
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.