BNB’s Reach Is Limited By The $680 Barrier

The latest price analysis by Coinidol.com report, the price of Binance Coin (BNB) is still trading below the moving average lines after the price dip on January 19.

BNB price long term forecast: bearish

The cryptocurrency is fluctuating between the low of $635 and the high of $745. However, since January 19, BNB has been trading between the support level of $635 and the moving average lines. Today, BNB has held above the $635 support level and has risen to the moving average lines. A break above the moving average line will propel the altcoin to a high of $745. However, the rejection at the moving lines is forcing the altcoin to trade sideways in the downtrend zone. 

BNB indicator reading 

There is a long candlestick tail pointing across below support at $635. The extended candlestick tail shows significant buying pressure near the $635 support. The dangers associated with cryptocurrencies increase when the price bars fall below the moving average lines. On the 4-hour chart, the price bars are between the downward sloping moving average lines. Buyers are trying to drive prices above the moving average lines.

Technical indicators:

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

The 4-hour chart shows that BNB is trading between the $635 support and the moving average lines. The cryptocurrency will resume its uptrend if the price breaks above the $700 level or the moving average lines. In the meantime, BNB will encounter resistance near the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.