BNB Trades Sideways And Approaches The High At $232

Oct 31, 2023 at 09:21 // Price
Coin Idol
The price indicator predicts further upward movement of BNB

BNB price has maintained its uptrend and has risen to retest the barrier at $232. Cryptocurrency price analysis brought by

BNB price long term forecast: bullish

The current uptrend is likely to be rejected as the bullish momentum continues. BNB is approaching the resistance at $237 and the price indicator predicts further upward movement of the cryptocurrency. BNB is expected to rise to the high of $249.70 if the current resistance level is broken. However, if the bullish scenario is invalidated, BNB will fall above the breakout level of $220. The altcoin will start its movement between $220 and $240. At the time of writing, the altcoin is trading at $228.60.

BNB indicator reading

On October 26, BNB recorded a bullish crossover when the 21-day SMA crossed above the 50-day SMA. On the lower time frame, the price bars fluctuate below and above the 21-day SMA. This indicates a sideways movement for the cryptocurrency.

BNBUSD (Daily Chart) – OCT. 30.23.jpg

Technical indicators:

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

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

Since October 24, the price of BNB has been oscillating below the resistance level of $232.  Buyers will have a hard time breaking through the $232 and $237 resistance levels. Nevertheless, analysts believe that the cryptocurrency will continue to rise.

BNBUSD (4 Hour Chart) – OCT. 30.23.jpg

As we reported on October 27, on October 23, the price of the cryptocurrency rose above the moving average lines and broke above the resistance level of $220. The cryptocurrency value rose to a high of $237.60 before falling back. 

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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