BNB Oscillates In A Range And Retests Resistance At $260

Jul 28, 2023 at 16:12 // Price
Coin Idol
BNB is trading in the oversold zone of the market

The BNB price continues to fluctuate in a range between $220 and $260.

BNB price long-term forecast: fluctuation range

The BNB price has moved and retested between the lower and upper price levels over the past month. It is unlikely that these price levels will be broken as altcoin maintains its price movement. On July 14, the bulls retested the $260 resistance but were beaten back. The cryptocurrency price dropped to a lower range and resumed volatility. Neither buyers nor sellers have broken out of the trading range. Doji candlesticks have dominated the price action, leaving the altcoin trading modestly.

BNB indicator display

BNB is in the negative trend zone at level 45 of the Relative Strength Index for period 14, with price bars oscillating below and above the 21-day moving average line. The altcoin is trading in the oversold zone of the market. It is below the Stochastic daily value of 20. The downtrend has run its course.

BNBUSD(Daily Chart) – July 27.23.jpg

Technical Indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

BNB's downtrend started on July 14. The altcoin fell to $240 today. The altcoin found support between the moving average lines in the shorter time frame. The market will probably continue to fluctuate between the moving average lines for a few more days.

BNBUSD_( 30 Mins Chart) – July 27.23.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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