Binance Coin Trades Marginally But Holds Above $220 Support

Cryptocurrency analysts of Coinidol.com report, Binance Coin (BNB) price is moving in a range between $220 and $260.

Binance Coin price long term forecast: bearish

The cryptocurrency has been stuck in a range since June 12. Due to the presence of Doji candlesticks, the price movement has been static. The 21-day line SMA has limited the upward movement.

In other words, BNB/USD is now trading in a limited range between $220 and $240. Yesterday, resistance at $240 held back the BNB price. At the time of writing, the cryptocurrency is trading at $234.70. On the downside, the bulls need to hold the current support level of $220. Long candlesticks can be seen at the bottom of the chart. Long candlestick tails indicate significant buying at lower price levels. Meanwhile, altcoin is trading above its current support level of $220.

Binance Coin indicator display

BNB is at level 35 of the Relative Strength Index for period 14. BNB is correcting higher after testing the oversold area of the market. The price bars are lower than the moving average lines, indicating a downtrend. BNB has a positive momentum above the stochastic value of 25 on the daily chart.

Technical Indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

Binance Coin has reached bearish exhaustion as it retests the historical price level of $220 and consolidates above it. The support level of December 15, 2022 has not been breached. The cryptocurrency is still in a price range from $220 to $260. If the current support holds, BNB will resume its uptrend.

On Jun 22, 2023, Coinidol.com reported that: Since June, the altcoin's price has hovered between $220 and $260. At the time of writing, BNB is trading at $244.30.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.