Coinidol.com: BNB Remains Stable above $600

BNB's price has declined after buyers failed twice to sustain it above the moving average lines.

BNB price long-term prediction: ranging

The most recent price action saw bullish momentum rejected at the $687 and $652 highs. Today, the cryptocurrency has dropped between the moving average lines. BNB is trading above the 50-day SMA support but below the 21-day SMA. As it is positioned between the moving average lines, the altcoin is likely to remain range-bound.

However, if the bears break below the 50-day SMA support, BNB will decline further and return to its range above the $570 level. Conversely, BNB will rise if it breaks above the 21-day SMA. Currently, BNB is at $642.

Technical indicators:

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

• Support Levels – $900, $850, $800

BNB price indicators reading

The price has fallen between the horizontal moving average lines. The formation of Doji candlesticks has caused the price movement to remain stagnant.

On the 4-hour chart, the cryptocurrency price has dropped below the horizontal moving average lines. Long candlestick wicks at the latest peak indicate significant selling pressure.

What is the next direction for BNB/USD?

The cryptocurrency has fallen twice from its recent peak, resuming its sideways trend. BNB will continue to trade within the range of the moving average lines until a clear trend emerges.

Currently, BNB is declining as it approaches the $620 support. BNB is trading above $620, with resistance at $680. If the current support level of $620 is breached, the altcoin will fall to its lower price range.

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.