CoinIdol.com: BNB Fails to Overcome the $660 Hurdle

BNB's price has rebounded and broken above the 21-day SMA barrier, extending its sideways trend.

BNB price long-term prediction: ranging

If the 21-day SMA support holds, the cryptocurrency will continue its upward movement. BNB could reach a high of $729 or encounter resistance at the 50-day SMA barrier. Currently, the upward movement has stalled at the $660 high. However, if bears push the price below the 21-day SMA support, the altcoin may fall to a low of $581. Meanwhile, Doji candlesticks have formed, causing the price to continue moving sideways above the 21-day SMA support. BNB is currently valued at $631.

BNB indicator reading 

The BNB price is currently confined between the moving average lines. If the altcoin breaks above the 50-day SMA, its bullish trend will resume. However, a break below the 21-day SMA will cause the altcoin to decline and return to its previous lows. On the 4-hour chart, the price bars fluctuate both below and above the moving average lines, indicating a sideways trend.

Technical indicators:  

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

Support Levels – $900, $850, $800  

What is the next direction for BNB/USD? 

The BNB price continues to move within a narrow range, remaining above the $580 support and below the $660 resistance. Today, the cryptocurrency price is above the moving average lines and approaching the $660 level. If the altcoin remains below $660, the horizontal trend will persist. However, BNB will rally to a high of $760 if it breaks above the current barrier.

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 CoinIdol.com. Readers should do their research before investing in funds.