BNB Reaches Bullish Exhaustion When It Moves Below $620

The price of Binance coin or BNB (BNB) has been fluctuating since reaching the $619 price target.

BNB price long term forecast: bullish

BNB has recovered to a high of $619 and is now oscillating below the $620 resistance level. On the upswing on September 14, a retraced candlestick tested the 61.8% Fibonacci retracement line, as reported by Coinidol.com. The retracement suggests that BNB will rise to the Fibonacci extension of $1.618 or $619.50. 

According to the price action, BNB experienced a bullish exhaustion when it drifted below $620. Since September 23, the bullish momentum has stalled below the $620 high. If the altcoin falls from its recent high, it will decline. In the previous price activity, BNB fell below the moving average lines and reached a low of $480.

BNB indicators analysis

The BNB price has remained above the moving average lines since the September 12th price spike. The 4-hour chart shows an uptrend that was interrupted and retraced above the moving average lines. The uptrend will resume if the 21-day SMA support holds. Doji candlesticks have formed, so the price action remains steady.

Technical indicators:  

Resistance Levels – $600, $650, $700

Support Levels – $400, $350, $300

What is the next direction for BNB/USD?

BNB/USD is trading sideways again after the upswing has ended. The altcoin is trading in a limited range, with support at $580 and resistance at $620. Price action is stagnant, with the BNB price remaining above the moving average lines. The bears have halted the uptrend while the altcoin resumes its consolidation.

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.