BNB Stays In Its Range While Falling Down From The $635 Level

Binance (BNB) Coin price has fallen above the moving average lines after hitting resistance at $631. Price analysis by Coinidol.com.

BNB price long term prediction: ranging

Over the past two months, the price of the altcoin has ranged between $520 and $640. Neither the bulls nor the bears have broken through this range. On May 21, the bulls attempted to break through the resistance level of $631, but were unsuccessful.

A break above the resistance at $635 will catapult BNB to its high of $692. The altcoin has fallen above the moving average lines and is trading back above the 21-day SMA. At other prices, the altcoin will fall below the moving averages before recovering. The bulls will buy the losses and continue their move within the trading range. BNB is currently valued at $602. The altcoin will rise if the 21-day SMA support holds. Otherwise, the altcoin will fall below the moving average lines and resume its lower price range.

BNB indicator reading

BNB has pulled back above the moving average lines after rejecting the previous high. The price bars are holding above the moving average lines, causing the cryptocurrency to rise. However, the price change has been minor as doji candlesticks continue to dominate the price action.

Technical indicators:

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

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

BNB has returned to its trading range after rejecting the $631 high. On May 25, the cryptocurrency quickly fell above the 21-day SMA and remained above it. BNB is moving above its current support. The long candlestick wick at the recent high indicates that there was significant selling pressure.

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 CoinIdol.com. Readers should do their research before investing in funds.