BNB Is On The Upswing And Challenging The High Of $236

Oct 27, 2023 at 08:06 // Price
Coin Idol
Binance Coin is moving sideways below the resistance level

Cryptocurrency analysts of report, the price of BNB has been rising after breaking out of its trend area.

BNB price long term forecast: bullish

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. Yesterday, altcoin pulled back and found support above the $221 price point. There could be further rises if the current support holds. A retraced candlestick tested the 38.2% Fibonacci retracement level on October 16. The retracement suggests that BNB will rise to the 2.618 Fibonacci Extension level or $251.60. At the time of writing, BNB had retraced to a low of $223. The positive momentum will continue if the resistance level at $236 is overcome. The movement within the trading range will continue if BNB declines and falls below the $220 support level.

BNB indicator reading

BNB price bars were below the moving average lines before the recent breakout. The price bars above the moving average lines will support the upward movement of the cryptocurrency. In the shorter time frame, the cryptocurrency has reversed course and fallen between the moving average lines. This means that prices will continue to change within a range.

BNBUSD (Daily Chart) – OCT. 26.23.jpg

Technical indicators:

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

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

Binance Coin is rising but stuck below the $231 resistance level. The cryptocurrency is moving sideways below the resistance level. The price of the cryptocurrency is currently hovering between $220 and $231. BNB will continue its trend if the range bound levels are broken. Thus, the price target of $251.60 will be reached if the barrier at $231 is broken.

BNBUSD (4 Hour Chart) – OCT. 26.23.jpg

Last week reported that the decline has stalled after BNB hit a low of $208. The altcoin is trading at $210.50 at the time of writing. 

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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