Coinidol.com: BNB Bounces While Retesting $900 Twice

The price of Binance Coin (BNB) has ended its decline above the $800 support level.

BNB price long-term prediction: bearish

The price indicator previously forecast that BNB would fall to $817.81, representing the 1.618 Fibonacci extension. Nonetheless, BNB has been rising since the price slump halted.

On the upside, if the ascending trend breaks above the 21-day SMA, BNB could reach a high of $1,050. Today, BNB is down after failing to break above the 21-day SMA barrier. If the bears breach the $800 support, BNB will fall further to $732. BNB is currently worth $888.

Technical indicators:  

• Resistance Levels – $1,000, $1,050, $1,200

• Support Levels – $900, $850, $800 

BNB price indicator reading

The 21-day and 50-day moving averages are trending downward. The 21-day SMA acts as a resistance line close to the price bars. A bullish trend will begin when buyers break through the 21-day SMA barrier. On the 4-hour chart, the price bars are above the downward-sloping moving average lines, indicating a likely surge in the cryptocurrency.

What is the next direction for BNB/USD?

BNB's price has been trading above the $800 support but below the $900 high since November 21. The upward trend has been halted above the $900 resistance level, but it has dipped above the moving average lines. The rising movement will begin after buyers surpass the resistance near $900.

Otherwise, BNB will maintain its range-bound movement above the recent high.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.