Binance Coin Recovers And Prepares To Jump The $645 Barrier

Mar 31, 2024 at 14:54 // Price
Coin Idol

The price of Binance Coin (BNB) has maintained its uptrend and returned above the 21-day SMA.

Long-term outlook for the BNB price: bullish

The 21-day SMA support remains intact and points to further upside for the price. An uptrend occurred on March 13, but buyers were unable to break above the $645 peak price.

Today, BNB reached a high of $607 in an attempt to break and surpass the $645 resistance. BNB will rise above the overhead resistance of $700 if buyers break above $645. If BNB is unable to sustain the current high, it will fall below the 21-day SMA support. The bears may break below the 21-day SMA and the bearish momentum will continue to the low above the 50-day SMA or $470.

Binance coin indicator reading

The 21-day SMA is near the price bars, which could lead to a breakdown in the cryptocurrency. On the 4-hour chart, the price bars are above the horizontal moving average lines, indicating a sideways trend. Doji candlesticks have forced the altcoin to remain in a rangebound trend.

Technical indicators:

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

Key support levels – $400, $350, $300

BNBUSD (Daily Chart) – March 31.jpg

What is the next direction for BNB/USD?

Since March 13, BNB has been in a sideways trend after failing twice at the $645 resistance level. As long as buyers fail to break above the $640 barrier, the cryptocurrency signal will remain range-bound. The doji candlesticks have slowed down the movement of cryptocurrencies.

BNBUSD (4-hour Chart) – March 31.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 Readers should do their research before investing in funds. 

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