Binance Chain Native Token Breaks Down And Retests The $640 Level

BNB price falls below the 50-day SMA as it fails to break above the $640 level. BNB price analysis by Coinidol.com.

BNB price long-term prediction: bullish

The altcoin has started its uptrend after breaking the moving average lines and reaching a high of $643. However, over the past week, BNB has been trading above the moving average lines but below the $640 mark.

Today, the bears broke through the 50-day SMA support, leading to further selling pressure on BNB. On the downside, Binance Coin will fall to its previous lows of $580 and $560. However, BNB will be trapped between the moving average lines if it falls and stays above the 21-day SMA support.

BNB indicator reading

BNB price bars are still above the moving average lines despite the recent decline. However, the price bars on the 4-hour chart have broken below the moving average lines, indicating a further decline. The horizontal moving average lines indicate sideways movement.

Technical indicators:  

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

Although BNB is trading sideways, it is slipping below the 50-day SMA. If BNB retraces and stays above the daily moving average lines, the altcoin will resume its uptrend and retest the $640 level. If it breaks the 50-day SMA support, it would drop to $520.

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.