Coinidol.com: BNB Moves Sideways above the $900 Low

The BNB price is moving sideways and has retested the October 10 price level of $891 twice.

BNB price long-term prediction: bearish

For the past month, BNB has traded within a range above the $880 support and below the moving average lines. Today, the BNB price remains above the current support as it rises. On the upside, if the bulls break through the 21-day SMA, the cryptocurrency will rise towards the 50-day SMA high. The positive momentum will continue up to the high of $1,181. If the bullish scenario is invalidated, BNB will continue to trade sideways.

However, if BNB loses its current support at $880, it could fall as low as $730. BNB is now valued at $937.

Technical indicators:  

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

• Key Support Levels – $900, $850, $800 

BNB price indicator reading

The price bars are drifting horizontally beneath the downward-sloping moving average lines. Price movement is dominated by Doji candlesticks as the cryptocurrency consolidates above the $880 support. The 4-hour chart’s moving average lines are horizontal, indicating a lateral trend since November 4.

What is the next direction for BNB/USD?

BNB’s price has been moving laterally since November 4, remaining below the $1,020 barrier but above the $900 support. The cryptocurrency price is stabilising above the $900 support but remains below the moving average lines. However, the price increase has been limited by the 21-day SMA barrier. BNB now trades within a narrow range.

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.