BNB Recovers As It Reaches The $720 High Again

The latest price analysis by Coinidol.com report, Binance Coin (BNB) price had already dipped below the moving average lines but the bulls bought the dips on Dec. 20.

BNB price long term forecast: bearish

The bears were unable to sustain their bearish momentum as the altcoin rose above the 50-day SMA. BNB is trading above the 50-day SMA but below the 21-day SMA resistance. In other words, BNB's price range is between $640 and $720. If the buyers break above the 21-day SMA resistance, the altcoin will reach a high of $760. However, if the buyers fail to break the 21-day SMA, BNB would be trapped between the moving average lines. Meanwhile, BNB is stuck at the 21-day SMA as buyers are trying to break through it. BNB is now worth $703.

BNB indicator display

BNB remains trapped between the moving average lines. The altcoin is set to rally after breaking through the 21-day SMA resistance and the 50-day SMA support level. On the 4-hour chart, the price bars are above the moving averages. BNB will rise above the moving averages but is facing resistance at $720.

Technical indicators:  

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

On the 4-hour chart, BNB is correcting upwards as it breaks above the moving averages. The altcoin is on the upswing and approaching its high of $720. The altcoin will be forced to move between $640 and $720 where it faced rejection at its recent high. Moreover, the existence of doji candlesticks has kept the price movement stable.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.