BNB Recovers On The Way To A High Of $820

Jun 09, 2024 at 10:56 // Price
Coin Idol
The cryptocurrency is expected to fluctuate between the moving average lines

The price of Binance Coin (BNB) has recovered and broken through the overhead barrier at $635.

BNB price long-term forecast: bullish

BNB rose to a high of $725 on June 6 as it entered the bull market. The cryptocurrency price encountered resistance at the recent high but has retraced and found support above the $635 breakout level. BNB is now bouncing above the $635 support but below the $725 resistance. If the breakout level holds as support, the uptrend will begin.

On the upside, if BNB breaks through its recent high, it will reach the high of $820. However, if the bears break below the $635 support, BNB will fall. BNB will fall above the 21-day SMA or the low at $620. At the time of writing, BNB is trading at $681.

BNB indicator reading

The price bars have moved well above the moving average lines since the market rally. The price bars on the 4-hour chart are now within the moving average lines after being rejected at the high of $725. The cryptocurrency is expected to fluctuate between the moving average lines.

Technical indicators:

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

Key support levels – $400, $350, $300

BNBUSD (Daily Chart) –June 08.jpg

What is the next direction for BNB/USD?

On the 4-hour chart, BNB is trading below $720. The recent high has become a resistance level as buyers struggle to maintain positive momentum above it. The altcoin is trading in a bull market as long as buyers keep the price above the previous high. BNB is currently trading in a price range between $680 and $720. If the current price range is broken, the cryptocurrency will develop a trend.

BNBUSD ( 4-hour Chart) – June 08.jpg

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 Readers should do their research before investing in funds.

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