The price of the Binance coin (BNB) has remained unchanged and is moving in the same direction above the $200 support.
Binance Coin Price Long Term Forecast: Bearish
Binance coin recovered and crossed the moving average lines on September 28,as Coinidol.com reported before. The high of $221.60 marked the end of the uptrend. BNB is now in the range bound zone. At the time of writing, the altcoin is worth $212.60.
BNB is moving back towards its previous range as it retraces. If the altcoin returns to the crucial support level at $203, it will resume the range bound movement and rally.
BNB (BNB) Indicator Reading
The BNB price bars are now below the moving average lines as a result of the recent decline. This will lead to a further decline in the value of the cryptocurrency. However, the doji candlesticks have slowed down the price movement. The horizontal tilting of the moving average lines indicates a sideways trend.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
Binance Coin will continue to move sideways as the high at $220 was rejected. Buyers have unsuccessfully tried four times to break the resistance at $220. If the buyers manage to break the barrier at $220, the current trading range will collapse.
Nevertheless, buyers have continuously defended the existing support at $200. The longer candle tails indicate strong buying at lower price levels.
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.
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