Coinidol.com: BNB Price Faces a $1,000 Barrier

The Binance Coin (BNB) price is rising after falling to a low of $881.

BNB price long-term prediction: bearish

The upward movement is expected to encounter resistance at the moving average lines. If BNB breaks above these lines, it could reach a high of $1,318.

However, if the price falls below the moving average lines, the cryptocurrency will likely trade within a range below these lines but above the $900 support. As of writing, BNB is trading at $1,000.43.

Technical indicators:  

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

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

BNB indicator reading

The moving average lines, which were previously upward-sloping, are now downward-sloping. The 21-day SMA is below the 50-day SMA, indicating a decline. On the 4-hour chart, the BNB price is falling but remains between the moving average lines, suggesting that BNB will likely move within a range.

What is the next direction for BNB/USD?

The BNB price has stabilised above the $900 support level and has since corrected higher. The cryptocurrency is trading above the $900 support but below the moving average lines and resistance at the $1,020 high. The upward movement is limited by the 50-day SMA barrier, or resistance at $1,020. BNB will resume its upward movement once the $1,020 barrier is broken.

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.