Binance Coin Stabilizes Above $520 And Continues Its Horizontal Trend

The price of Binance Coin (BNB) has been in a sideways trend since March 13, 2024. The price of the cryptocurrency has remained constant between $520 and $630.

BNB price long-term forecast: range

Since April 18, the price of BNB has risen towards the high of $630. Over the past month, the altcoin has moved horizontally from a lower to a higher price level. The price movement was minimal and was contained by the Doji candlesticks.

Today, the BNB price has retraced above the moving average lines and returned to the lower price level. Meanwhile, the trading range has remained unchanged since March 13, 2024. BNB is now worth $595.10.

BNB indicator value

Following the recent uptrend, BNB price bars are currently above the moving average lines. The altcoin is expected to grow as long as the price bars are above the moving average lines. The capping was caused by the doji candlesticks. In addition, the moving average lines have remained horizontal, which corresponds to the sideways trend.

Technical indicators:

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

The sideways trend will continue as long as the current support at $520 and resistance at $630 remain intact. Secondly, the doji candlesticks have stabilized the price action. Altcoin traders do not seem to care about market direction, making it difficult to predict when they will trade.

Last week Coinidol.com reported that the altcoin was trying to break through the lower price area. Should the bears break the $520 support, BNB would drop to a low of $420. 

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.