BNB Recovers And Breaks Through The Initial Barrier Of $545

BNB (BNB) has recovered from the July 5 drop. BNB coin analysis by Coinidol.com.

BNB price long-term trend: bearish

On July 5, BNB fell to a low of $455.20 and then recovered. Since July 8, BNB has continued its uptrend and has risen to a high at the 21-day SMA or $545. The bulls are still struggling to keep the price above the 21-day moving average. Once the price of the cryptocurrency breaks above the 21-day SMA, it will resume its uptrend. The positive momentum will continue until it reaches the 50-day SMA high or $590.

However, the bullish scenario will become meaningless if the altcoin is rejected at the 21-day SMA. The cryptocurrency will decline and remain range-bound above the $470 support but below the 21-day moving averages. BNB/USD is now worth $546.

BNB indicator reading

Following the rally, the price bars on the 4-hour chart have risen above the moving average lines.

On the daily chart, the price bars are below the moving average lines but not below the 21-day SMA. The uptrend is being held back by resistance at $545 or the 21-day SMA. A break above the 21-day SMA will cause the cryptocurrency to rise.

Technical indicators:

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

BNB has recovered from its downtrend, with the price bars breaking above the moving average lines on the 4-hour chart. The price of the altcoin has been trading above the moving averages but below the high of $540. On July 14, the price of the cryptocurrency rebounded and surpassed the high of $540. Resistance at $545 has slowed down the cryptocurrency's uptrend.

Coinidol.com reported previously that on July 1, the bulls failed to sustain the price above the 21-day SMA, leading to a further decline in the cryptocurrency. The bears broke through the current support at $551 and reached another low of $454.  

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.