The price of Binance Coin (BNB) has risen after its recent breakout above the moving average lines.
BNB has reached its opening high of $663 and the positive momentum is expected to continue to the high of $675. On 10 June, the upward momentum was halted at a high of $674.
On the other hand, if BNB falls from its recent high and breaks below the moving average lines, it will return to the previous low of $625. If BNB remains above the moving averages, it will have to move between the support levels of $625 and $675.
The price of BNB has returned above the moving average lines after the breakout. It is likely that the altcoin will rise above the moving averages. On the 4-hour chart, the moving average lines are pointing upwards, indicating an uptrend. The 21-day SMA is above the 50-day SMA, which is a bullish signal.
Technical indicators:
Key Resistance Levels – $600, $650, $700
Key Support Levels – $400, $350, $300
BNB is in a sideways trend but has returned above the moving averages. The altcoin has gained despite hitting an early obstacle at $660. If the altcoin retraces and stays above the moving average lines, it will resume its upward trend.
The cryptocurrency was previously hovering between the resistance of $680 and the support of $620, as 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.
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