BNB Fluctuates In A Narrow Range And Reaches $520

The price of the Binance coin or BNB (BNB) is falling below the moving average lines. Since July 5, the BNB price has remained above the $460 support but below the $600 barrier.

Long-term forecast for the BNB price: fluctuation

The price of the cryptocurrency has fluctuated below and above its moving average lines. Today, the altcoin is gaining value after falling below the $480 support. Since August 27, BNB has been trading below its moving average lines. The trend for the altcoin will turn back to the upside if the price breaks above the moving average lines. 

However, if BNB deviates from the moving average lines, it will trade below the moving average lines but above the current support of $460. BNB is now worth $512.50.

BNB price indicator reading

The price bars are now below the horizontal moving averages. The moving average lines have a bearish crossover, indicating a decline in the cryptocurrency. The altcoin has continued its rangebound movement due to the formation of doji candlesticks.

Technical indicators:  

Key resistance levels – $600, $650, $700

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

BNB/USD is moving sideways and trading in the bearish trend zone. The altcoin is in a small range at the bottom of the chart. The price of the cryptocurrency is currently fluctuating above the $480 support and below the $520 resistance level. The price action has been delayed by the presence of doji candlesticks.

On August 29 BNB was bearish and approached the support level of $470 on the daily chart, as it was reported by Coinidol.com.

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.