The price of Binance Chain Native Token (BNB) fell to a low of $508 but the bulls bought the dips.
BNB price long-term prediction: bearish
BNB price long-term prediction: bearish
Bearish momentum broke below the previous low of $558 but then pulled back to retest it.
On a positive note, the selling pressure is likely to stop if buyers keep the price above the resistance that served as the last support. To retest the moving average lines, BNB will rise.
However, BNB could fall further to the $440 low if it encounters rejection at the current resistance, which would increase selling pressure. In the meantime, BNB is correcting higher as it attempts to reverse its decline.
BNB indicator reading
BNB indicator reading
The price bars are below the moving average lines. The altcoin has fallen as a result of a bearish crossover between the moving average lines. If BNB continues to be rejected at the current high, selling pressure will continue.
Technical indicators:
Key Resistance Levels – $600, $650, $700
Key Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
What is the next direction for BNB/USD?
The cryptocurrency is oscillating below the moving average lines and above the $520 support. The altcoin is attempting to get back on track. The 21-day SMA has rebuffed the bullish momentum. If the bearish momentum continues, BNB will fall.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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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