BNB Price Long Term Prediction: Range
The Binance Chain Native Token (BNB) has been experiencing a sideways trend since the end of its uptrend on December 23, 2023. The price reached a high of $338 but was unable to sustain the positive momentum above $340. As a result, BNB has been trading within the range of $290 to $320. Doji candles have slowed down the price action, indicating traders’ indecisiveness.
On the upside, there is strong selling pressure near the $340 level. If the 21-day SMA is breached, BNB may fall below the $280 support or the 50-day SMA. Currently, the value of BNB is $312.30.
BNB Indicator Reading
The price bars are above the upward moving average lines, suggesting a static price action above these lines. On the 4-hour chart, the moving average lines are sloping horizontally, indicating a sideways trend.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What Is the Next Direction for BNB/USD?
On the 4-hour chart, BNB is currently trading within a narrow range of $290 to $320. It encountered resistance at $320 and has been moving between the moving average lines. Therefore, it is expected that BNB will continue to fluctuate within its current range.
Hot Take: BNB Price Stuck in Sideways Trend
The Binance Chain Native Token (BNB) has been stuck in a sideways trend since December 23, 2023. Despite reaching a high of $338, the price was unable to maintain its upward momentum. Instead, BNB has been trading within the range of $290 to $320. Traders have shown indecisiveness as indicated by the presence of Doji candles. The current resistance level near $340 suggests strong selling pressure. Technical indicators also confirm a sideways trend. Therefore, it is expected that BNB will continue to fluctuate within its range for the time being.
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