Binance Coin Rises Before It Hits The Next Resistance

The price of the Binance coin (BNB) has continued to rise, breaking above resistance levels at $420 and $460.

BNB price long-term forecast: bullish

The BNB price rose to a high of $493 before falling again. The alternative currency declined and tested the support level of $460 before starting to rise again.

If the current uptrend continues above the $460 level, BNB will rise above the $500 mark. The altcoin will rise to its previous high of $520 or $540. If the altcoin is rejected at its recent high, it will trade in a range above the moving average lines and face resistance below $500. BNB is worth $479 at the time of writing.

BNB indicator reading

The price bars have consolidated above the horizontal moving average lines. The altcoin is trading in the overbought area of the market. The doji candlestick dominates the price action, with price action remaining stable above the 21-day SMA. Consolidation above the 21-day SMA indicates indecision in the market.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

On the 4-hour chart, BNB is in a steady uptrend and is approaching the $500 level. Buyers have broken above the $420 and $460 thresholds. The cryptocurrency value is approaching the next threshold of $510. If the buyers break through the $510 barrier, the market will continue its march to previous highs.

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.