BNB Closes In A Narrow Range, But Threatens To Fall Below $294

The price of Binance or BNB coin (BNB) is falling below the moving average lines. However, the decline has stopped above the 50-day SMA on August 5.

BNB price long-term prediction: bearish  

The BNB price fell as low as $402.50 before recovering. Nonetheless, the price indicator predicts a further downward movement of the cryptocurrency. After the price drop on July 1, the BNB price corrected upwards and a declining candlestick body tested the 61.8% Fibonacci retracement line. This correction suggests that BNB will fall below the 1.618 Fibonacci extension or the low of $294.80. 

Meanwhile, BNB is trading at $443.40 and remains between the moving average lines. Should the bears break the 50-day SMA support, the market would fall to $294.

BNB indicator reading

BNB price is bearish and remains between the moving average lines. The cryptocurrency will continue to move in a range between the moving average lines until the trend is determined. previous price estimate.

On the downside, the predicted price level is reached when the price falls below the 50-day SMA support.

Technical indicators:  

Key Resistance Levels – $600, $650, $700

Key Support Levels – $400, $350, $300

What's next for BNB/USD?

BNB has declined but is still between the moving average lines. The altcoin is expected to trade in a narrow range over the next few days. However, the altcoin is expected to fall more if the bears breach the 50-day SMA support. 

In the meantime, the signal for the cryptocurrency is negative, in line with the previous price estimate.

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.