The Binance Coin (BNB) Price Remains Stable Above $200 Support
The price of the Binance coin (BNB) has remained unchanged and is moving in the same direction above the $200 support. BNB recovered and crossed the moving average lines on September 28, as reported before. The high of $221.60 marked the end of the uptrend. BNB is now in the range bound zone, currently worth $212.60.
BNB is retracing back towards its previous range and if it returns to the crucial support level at $203, it will resume its range bound movement and potentially rally.
BNB (BNB) Indicator Reading
The recent decline in BNB’s price has caused it to fall below the moving average lines, indicating a further decline in value. However, the presence of doji candlesticks has slowed down the price movement, while the horizontal tilting of the moving average lines suggests a sideways trend.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What’s Next for BNB/USD?
Binance Coin will likely continue to move sideways as it faces rejection at the $220 resistance level. Despite unsuccessful attempts to break this barrier four times, buyers have consistently defended the support at $200. The longer candle tails indicate strong buying at lower price levels.
Hot Take: BNB Stays Stable Above Support Level
The price of Binance Coin (BNB) has remained stable above its support level of $200. Despite a recent decline and rejection at the resistance level of $220, buyers have consistently defended the support level. This indicates strong buying at lower prices and suggests that BNB may continue to move sideways in the near term. However, if buyers manage to break the resistance at $220, the current trading range could collapse and BNB may experience a rally.
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