BNB Stays Above $700, But Remains Stuck In A Range

The latest price analysis by Coinidol.com report, Binance Coin (BNB) price has rallied above the 21-day SMA support, although the bears are contesting the price above this level.

BNB price long-term forecast: bullish

BNB will rally to highs between $750 and $800 if the bullish momentum remains above the 21-day SMA. However, the upside is being held back by resistance at $750. A rejection of the current high will keep the altcoin in a range between the 21-day SMA and the resistance at $750. If the price falls below the 21-day SMA, the cryptocurrency will lose value. BNB will initially fall to a low of $635. However, BNB will fall if the bears break the $635 support level. BNB is currently worth $707.

BNB indicator reading

After a recent price rise, the BNB price is above the moving average lines. On December 4, a long candlestick wick is pointing towards the $800 resistance lines. It indicates strong selling pressure at the $800 high. On the 4-hour chart, the cryptocurrency is moving in a range as it is stuck between the moving average lines.

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 moving sideways after the uptrend was halted at the $740 mark. BNB is trading between $680 and $720, below the resistance level. The price movement is limited as it is stuck between the moving average lines.

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.