Binance Coin Price Retraces To Previous Level After Rejection At $220

Oct 06, 2023 at 10:09 // Price
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BNB has remained unchanged and is moving in the same direction

The price of the Binance coin (BNB) has remained unchanged and is moving in the same direction above the $200 support.

Binance Coin Price Long Term Forecast: Bearish

Binance coin recovered and crossed the moving average lines on September 28,as reported before. The high of $221.60 marked the end of the uptrend. BNB is now in the range bound zone. At the time of writing, the altcoin is worth $212.60.

BNB is moving back towards its previous range as it retraces. If the altcoin returns to the crucial support level at $203, it will resume the range bound movement and rally.

BNB (BNB) Indicator Reading 

The BNB price bars are now below the moving average lines as a result of the recent decline. This will lead to a further decline in the value of the cryptocurrency. However, the doji candlesticks have slowed down the price movement. The horizontal tilting of the moving average lines indicates a sideways trend.

Technical Indicators:

Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100

BNBUSD (Daily Chart) – OCT. 5.jpg

What is the next direction for BNB/USD?

Binance Coin will continue to move sideways as the high at $220 was rejected. Buyers have unsuccessfully tried four times to break the resistance at $220. If the buyers manage to break the barrier at $220, the current trading range will collapse.

Nevertheless, buyers have continuously defended the existing support at $200. The longer candle tails indicate strong buying at lower price levels.

BNBUSD (4 Hour Chart) – OCT. 5.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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