Binance Coin Holds Above $225 As Traders Ponder Their Next Move

Dec 29, 2022 at 10:51 // Price
Coin Idol
Binance Coin is currently trading in a narrow range between $225 and $250

The price of Binance Coin (BNB) has remained trapped in a narrow range below the $250 resistance level after the $225 price drop.

Binance Coin price long term forecast: bearish

Due to the presence of indecisive small-body candles known as doji, the price movement is insignificant. Currently, the BNB price is moving between $225 and $250. The current consolidation could lead to a price recovery or breakout. If buyers break the resistance at $250, BNB will rise above the moving average lines. Bullish momentum will extend to the $300 and $350 highs. If the bears break the current support, the market will fall to a low of $198. At the time of writing, BNB/USD is trading at $245.75.

Binance Coin indicator display 

BNB is trading marginally as the Relative Strength Index for period 14 is at 40. The altcoin is in a bearish trend and could fall further. Lower price bars than the moving average lines indicate that the price will continue to fall. BNB has bullish momentum above the daily stochastic level of 40.

BNBUSD(Daily Chart) - December 29.22.jpg

Technical indicators 

Key resistance levels - $600, $650, $700

Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin is currently trading in a narrow range between $225 and $250. Once the range is broken, the altcoin will develop a trend. In the meantime, the price movement has been suppressed by the presence of indecisive small-bodied candles known as doji.

BNBUSD(Daily Chart 2) - December 29.22.jpg

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. Readers should do their research before investing in funds.

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