BNB Remains Stable And Is Ready For An Outbreak

May 19, 2024 at 16:02 // Price
Coin Idol

The Binance (BNB) coin price is in a sideways trend and has gone below its moving average lines. The cryptocurrency has been trading in a range of $530 to $610.

Binance coin price long-term prediction: range

On May 14, the bears broke below the moving average lines and hit a low of $562. BNB is now bouncing below the moving average lines. The upside is doubtful as the bulls have tested the recent high twice but failed to return above the moving averages.

The price of the cryptocurrency has remained stable below the moving average lines. If BNB continues to decline, it will return to its previous low. A break below the $530 support level indicates that the decline has resumed. BNB is now worth $578.

BNB indicator reading

After the recent decline, the cryptocurrency's price bars are now below the moving average lines. Doji candlesticks have contained the selling pressure. After the recent upward correction, the price bars on the 4-hour chart are trapped between the moving averages.

Technical indicators:

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

Key support levels – $400, $350, $300

BNBUSD (Daily Chart) –May 18.jpg

What is the next direction for BNB/USD?

BNB has fallen below the moving average lines and is maintaining its trend within the trading range. BNB is trading moderately with the price bars remaining stable below the moving average lines. The altcoin's price movement has remained stable as it consolidates.

BNBUSD ( 4-hour Chart) – May 18.jpg

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 their research before investing in funds.

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