BNB Price Pulls Back Over $300 As Traders Are Undecided

Jan 04, 2024 at 14:11 // Price
Coin Idol

The price of Binance Chain Native Coin (BNB) rose to a high of $338, but then fell back above the support level of $307. BNB price analysis by

BNB price long-term forecast: bullish

The altcoin has stabilized above the moving average lines and the $300 support since December 29. The extended wick and tail of the doji candle on January 3 indicate that buyers and sellers are undecided about the direction of the market. 

The current value of BNB is $317.30 (as of January 4, 2023). However, as long as the doji candlesticks determine the price action, the current price level will remain unchanged. As the altcoin is trading in the uptrend zone, there is also the possibility that it will rise.

BNB indicator reading

After the current rally, the price bars are well above the moving average lines. The price bars and the moving average lines on the 4-hour chart are sloping horizontally after the end of the uptrend. In addition, a small, indecisive candle, a so-called doji, dominates the price movement.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

BNBUSD (Daily Chart) –Jan.04.jpg

What is the next direction for BNB/USD?

The price of Binance Coin is moving in a range between $310 and $330. Doji candlesticks have slowed down the price movement. The moving average lines are followed by the tails of the candlesticks and the wicks above them. This suggests that traders are unsure of the direction of the market.

BNBUSD (4 -Hour Chart) –Jan.04.jpg

On December 29, 2023, reported that BNB was approaching its target price of $340.It was predicted that the cryptocurrency will be rising when it breaks through early resistance levels. 

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 the research before investing in funds.

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