The Price of Binance Coin Faces Resistance
The price of the Binance (BNB) coin has been on the rise recently, but it has encountered a barrier at $235 that has prevented further growth. Between October 23 and November 2, the altcoin faced resistance at $235, causing it to fall and find support above the $220 breakout level. If buyers manage to break through the $235 barrier, BNB could reach a high of $250.
Currently, BNB is trading within a range of $220 to $235 as buyers attempt to extend the uptrend. However, if the bears manage to break the $220 support level, the market could return to its previous range of $203 to $220. As of now, BNB is trading at $231.70.
BNB Indicator Reading
On the lower time frame, BNB price bars have retraced above the moving lines, with the extended candle’s tail pointing to the 21-day SMA or the low of $227. This indicates strong buying at a lower price level. Additionally, the moving average lines are running horizontally in different directions, suggesting that sideways movement will continue.
Technical Indicators:
Key resistance levels: $300, $350, $400
Important support levels: $200, $150, $100
What’s Next for BNB/USD?
Binance coin is currently moving sideways between $220 and $235 as buyers struggle to break through the resistance at $235. The price may continue to rise and retest this resistance as long as it remains above the moving average lines.
According to a report on October 31st, it was predicted that BNB’s previous uptrend would be rejected, and the coin was approaching the resistance at $237.
Hot Take: BNB Faces Resistance at $235
The price of Binance coin (BNB) has been experiencing upward momentum, but it has encountered a barrier at $235. If this resistance is broken, BNB could reach a high of $250. However, the coin is currently trading within a range of $220 to $235, and a break below the $220 support level could lead to a return to the previous range. Technical indicators suggest that sideways movement will continue. Despite these challenges, BNB may still have potential for further growth if it can overcome the resistance at $235.
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