Binance coin price long-term prediction: bearish
The 50-day SMA and resistance at $235 have rejected the positive momentum on Dec. 4 and Dec. 7. The moving average lines are restricting the upward movement. At the top, BNB is facing a sharp rejection.
Since November 21, the price of the cryptocurrency has been trapped in a range of $223 and $235. The altcoin will fall back to its previous low of $203 if the bears break below the current support line at $223. On December 1, it was reported that BNB was trading between $223 and $234 per coin. Now, the horizontal trend is expected to continue if the current support and resistance levels are maintained.
BNB indicator reading
Since November 21, the moving average lines have been falling horizontally due to the sideways trend. Currently, the moving average lines are below the price bars. Doji candlesticks are a sign that the price movement is lagging.
Technical indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
BNB/USD will continue to trade sideways as the altcoin encounters resistance at the moving average lines. The bears are defending the moving average lines as the cryptocurrency falls from its previous high. The cryptocurrency is currently trading in a narrow range between $226 and $235.
Hot Take: Binance Coin Price Analysis – Bearish Outlook for BNB
Binance (BNB) coin price is currently experiencing a downtrend despite attempting to reach its previous highs. The 50-day SMA and resistance at $235 have hindered any positive momentum. The moving average lines are also limiting upward movement. If the bears break below the current support line at $223, the altcoin could drop back to its previous low of $203. The sideways trend, which started on November 21, is expected to continue as long as the support and resistance levels hold. BNB/USD is currently trading between $226 and $235, with the bears defending the moving average lines.
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