Coinidol.com: BNB’s Bullish Rise Stalls Below $645

BNB’s price has resumed its upward trend and moved above the moving average lines.

BNB Price Long-Term Prediction: Bullish

On April 17, the cryptocurrency price broke above the moving average lines but was rejected at the $645 high. The altcoin dipped below the 50-day SMA support before recovering above it. Today, buyers have pushed the price above the moving average lines, but momentum has stalled at the $645 level.

On the positive side, if buyers overcome this initial resistance, the altcoin is expected to reach a high of $700. However, if BNB fails to break through the $645 barrier, it will fall below the moving average lines. The altcoin is then expected to return to its previous lows of $600 and $580.

Meanwhile, BNB is still trading above the moving averages but below the $660 high. BNB is currently at $633.

Technical indicators:

• Key Resistance Levels – $1,000, $1,050, $1,200
• Key Support Levels – $900, $850, $800

BNB Indicator Reading

BNB price is above the horizontal moving average lines. The extended candlestick wicks indicate significant selling pressure at the most recent peak.

On the 4-hour chart, the price bars have dropped between the upward-sloping moving average lines, indicating that the cryptocurrency will continue to trend sideways. The price will remain range-bound for a few days if the cryptocurrency finds support above the 50-day SMA.

What Is the Next Direction for BNB/USD?

BNB price has resumed its bullish ascent but has retraced above the moving average lines. On the 4-hour chart, the altcoin is trading above the 50-day SMA support but below the 21-day SMA level. When the cryptocurrency breaks out of the moving average lines, it will begin to trend.

Meanwhile, the cryptocurrency is attempting to rise after being caught between the moving average lines.

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.