BNB Is Breaking Down And Approaching The $540 Price Area

The price of Binance Chain Native Token (BNB0 has fallen below the moving average lines after being rejected at the high of $612.50 on October 31. The cryptocurrency fell to a low of $570 before recovering.

BNB price long term forecast: ranging

Furthermore, the current price action suggests that BNB is trading within a limited range of $540 to $620. If the price falls into the lower price range, the bulls will buy the dips and resume the sideways trend. The bulls are defending the current support level of $540. Today, the uptrend could continue but the altcoin will be rejected at the moving average lines.

In recent prices, rising movements have been slowed by resistance near $600. Meanwhile, the altcoin is trading below the moving averages, indicating an uptrend. BNB is currently worth $575.

BNB indicator analysis

On October 31, BNB's price bars fell below the moving average lines. The bulls are defending the $540 support and limiting the altcoin's further decline. The price bars are below the moving average lines, indicating a further decline for the cryptocurrency.

Technical indicators:  

Resistance Levels – $600, $650, $700

Support Levels – $400, $350, $300

What is the next direction for BNB/USD?

BNB will continue to trade sideways as it falls below the moving average lines. Currently, the altcoin is bearish as it reaches the lower $540 price area. However, doji candlesticks have caused price action to be gradual. A sideways trend will start if the altcoin falls above the price range.

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