Binance Coin Makes Progress But Faces The Obstacle Of $667

Binance coin (BNB) has made positive progress while maintaining its horizontal trend.

BNB price long-term forecast: ranging

The altcoin traded below the resistance level in the previous price range of $540 to $640. 

On November 6, the cryptocurrency rebounded and rose above the moving average lines. The bullish momentum continued to the high of $667 before retracing back above the 21-day SMA, as reported Coinidol.com previously. 

On November 20, the altcoin gained support above the 21-day SMA as bulls bought the dips. 

Should Binance coin (BNB) rally on the upside and break the barrier above $667, the market will return to the previous high of $724. If BNB is rejected at its recent high, it will continue to trade above the moving average line but below the barrier at $667. BNB is now worth $658.

BNB indicator reading

The moving average lines are horizontal and have crossed to the upside. This means that the 21-day SMA is above the 50-day SMA, indicating that the altcoin will continue to move higher. The price action continues to be dominated by doji candlesticks.

Technical indicators:

Resistance Levels – $600, $650, $700

Support Levels – $400, $350, $300

What is the next direction for BNB/USD?

On the 4-hour chart, BNB has started an uptrend after breaking above the barrier at $660. The altcoin has been trading in a narrow range between $600 and $660. Today, the existing price range has been breached. The bulls have broken through the $600 barrier. BNB is rising and approaching its previous high of $724.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.