Coinidol.com: BNB Faces Selling Pressure at $890

Binance Coin has resumed its bullish ascent after breaking above the moving average lines

BNB price long-term prediction: bullish

The cryptocurrency is approaching the $920 level. Since November 21, the price has been range-bound, trading above the $800 support but below the $920 resistance. Buyers failed to sustain the price above the $920 barrier.

On the upside, if the ascending trend breaks above the $920 high, the altcoin could reach $1,000. Continued positive momentum may push the price to a high of $1,120. However, if the altcoin falls below $920, the current price range will persist. BNB is at $886.70.

Technical indicators:  

• Resistance Levels – $1,000, $1,050, $1,200

• Support Levels – $900, $850, $800 

BNB price indicators reading

The price bars have moved back above the horizontal moving average lines. On the upside, bullish momentum will continue if the price retraces and remains above the 50-day SMA support. If the price falls below the 50-day SMA support, BNB will revert to its previous range above $800. On the 4-hour chart, the price bars are above the upward-sloping moving average lines.

What is the next direction for BNB/USD?

The BNB price is rising but has stalled at $890. The altcoin is currently trading above the $820 support but below the $920 resistance on the 4-hour chart.

On the positive side, the price will continue to rise if buyers keep it above the moving average lines. The altcoin will depreciate if the price drops below 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.