Binance Coin Trades In A Tight Range As Bulls Try To Break $300 High

Sep 30, 2022 at 10:12 // Price
Coin Idol
The price of Binance Coin (BNB) has been in a sideways movement since the price collapse

The price of Binance Coin (BNB) has been in a sideways movement since the price collapse on August 19. The cryptocurrency is trading between the price levels of $260 and $300.

On the upside, if BNB price recovers and breaks above the moving average lines, it will get stuck at the $300 resistance level. Since August 19, Binance Coin has failed to trade above the $300 resistance level. 

Binance Coin (BNB) Price Long Term Forecast: Ranging

However, if the bulls break the current resistance level, the market will rise and retarget the overhead resistance at $322. On the downside, buyers have consistently defended current support at $260, the historical price level from July 19. If the current support is breached, BNB will fall back to the low of $245. In the meantime, BNB/USD is trading at $280 as of press time.

Binance Coin (BNB) Indicator Reading 

BNB is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The price bars are located between the moving average lines, which indicates a possible movement of the cryptocurrency in a certain range. The altcoin is above the 70% range of the daily stochastic. The market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are inclined horizontally, indicating a sideways movement. 

BNBUSD (Daily Chart) - September 29, 2022.jpg

Technical Indicators: 

Key resistance levels - $600, $650, $700
Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin is in a sideways movement but risks a possible decline if the current support is broken. Meanwhile, the downtrend from August 19 has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that BNB will fall to the 1.618 Fibonacci extension level or $245.18.

BNBUSD (Daily Chart 2) - September 29, 2022.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 CoinIdol. Readers should do their research before investing in funds.

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