The price of Binance Chain Native Token (BNB) has rebounded and is now on an upward trend. It has recovered from the $260 breakout support and is currently reaching the $340 resistance level.
Long-term forecast for the BNB price: bullish
BNB has reached a high of $328 at the time of writing. The cryptocurrency is approaching the $340 resistance level, which has not been breached since May 1. While there may be some resistance at this historical price level, if it is surpassed, BNB could experience a fall. The expected range for the altcoin’s price movement is between $300 and $340.
BNB indicator reading
Following the recent price rise, BNB has moved well above the moving average lines, indicating an uptrend. However, it is also approaching the overbought area of the market, which may pose some resistance.
Technical indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
Binance Coin has surpassed previous highs and is now facing minor resistance at its all-time high of $330. It is steadily rising and aiming to reach its target price of $340. The altcoin’s upward momentum is supported by breaking through early resistance levels.
Hot Take: BNB Shows Promising Growth Potential
Binance Coin’s recovery and ongoing uptrend indicate positive growth potential for the cryptocurrency. With resistance levels being surpassed and targets set higher, BNB’s future performance looks promising. However, investors should remain cautious as there may still be some resistance ahead. Keep an eye on the altcoin’s price movements and technical indicators to make informed investment decisions.
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