Analysis of the Binance (BNB) coin price by . BNB is trading at $254.
Binance coin price long term prediction: bullish
The Binance coin has been moving sideways after the uptrend ended on November 6, with buyers making multiple unsuccessful attempts to resume the rise due to a barrier at $256.
Currently, the bulls are retesting the resistance level in an attempt to break through it. If successful, the market is expected to rise to $280. If this bullish scenario fails, BNB will likely remain in its current price range, trading between $242 and $256. A breakthrough of this range will indicate a long position for BNB.
BNB indicator reading
On November 14, BNB experienced a sharp fall but managed to recover and trade above the 21-day SMA. The long candle’s tail was below the 21-day simple moving average, indicating strong buying at lower price levels. The price bars have returned above the moving average lines, suggesting an upcoming uptrend.
Technical indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
With the fourth rejection of the current high, it appears unlikely that BNB will surpass $256 again. As long as it remains above the moving average lines, the altcoin’s downtrend is expected to continue.
Following the recent high rejection, the altcoin is retracing its steps. Price fluctuations in BNB are anticipated to persist.
reported on November 9 that BNB/USD was moving between $235 and $255.
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.