BNB price long-term forecast: bearish
Binance Coin (BNB) has faced two rejections at the highs of $330 and $310, resulting in its decline. Currently, BNB is trading at $300.30 and remains trapped between the moving average lines. If the bears break the 50-day SMA to the downside, BNB could drop to a low of $270.
However, BNB is currently holding above the support level of $300 or the 50-day SMA. Buyers have been supporting this level since January 8, with long candlestick tails indicating strong buying pressure at the previous low of $290.
BNB indicator reading
The price bars are still within the moving average lines after being rejected at $310. The sideways trend has kept the moving average lines horizontal, with limited price movement indicated by doji candlesticks.
Technical indicators:
Key resistance levels β $300, $350, $400
Key support levels β $200, $150, $100
What is the next direction for BNB/USD?
On the 4-hour chart, BNB is still in a sideways trend and falling into a lower price range between $290 and $311. Doji candlesticks play an important role in characterizing the cryptocurrency value. Previously on January 19, it was reported that on the 4-hour chart, BNB was trading in a narrow range of $290 to $320.
Hot Take: BNB price remains bearish as it hovers between moving average lines
The current analysis suggests that Binance Coin (BNB) is facing a bearish outlook as it remains trapped between moving average lines. The recent rejections at higher price levels indicate a potential drop in value, with the possibility of reaching a low of $270. However, buyers have been supporting the cryptocurrency above the $300 support level, indicating some resilience in the market. It is important to monitor the 50-day SMA and the price movement around it to gauge the next direction for BNB/USD.
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