Binance Coin Rises Above The Critical $500 Mark Again

Jul 07, 2024 at 12:23 // Price
Coin Idol

The latest price analysis by report, Binance Coin (BNB) has fallen to a low of $454 before recovering above the $500 support.

BNB price long term forecast: bearish

Selling pressure has reached the historical price level of March 19, which is the $500 support. In previous price action, the altcoin fell to a low of $551 on June 24 before moving below the moving average lines. On July 1, the bulls failed to sustain the price above the 21-day SMA, leading to a further decline in the cryptocurrency. The bears broke through the current support at $551 and reached another low of $454. However, the bulls took advantage of the dips and rose above the $500 support. The $500 support is the historical price level from March 19, which has not yet been breached. After the previous decline, BNB is now correcting above the $500 level. The upward correction is meeting resistance at the 21-day SMA or the high of $551. BNB is now worth $520.

BNB indicator reading

The resistance line of the 21-day SMA has crossed below the 50-day SMA, signaling a downtrend. The horizontal moving average lines have now dipped downwards, through the trend. On July 5, the price of the cryptocurrency formed a long candlestick tail pointing below the $500 support. This indicates significant buying pressure at the $500 level.

BNBUSD (Daily Chart) –July 7.24.png

Technical indicators:

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

BNB has returned above the key $500 support, which has not been breached since March 19. On the 4-hour chart, BNB has corrected upwards and is now trading between the moving average lines. The altcoin could remain trapped between the moving average lines for a few more days. The upward movement will start when it breaks above the 50-day SMA or resistance at $560.

BNBUSD ( 4-hour Chart) – July7.24.png

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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