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.
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.