The price of Binance Coin (BNB) is hovering between $520 and $635 as traders are uncertain about the direction of the market. Price analysis by Coinidol.com.
Long-term BNB price prediction: ranging
Bulls will buy the dips if BNB price falls into the lower price zone. The cryptocurrency will correct higher despite being under selling pressure near the high of $635. Thus, BNB has risen above the moving average lines today and has approached a high of $591. Buyers have so far failed to sustain the price above the upper resistance level of $635.
On the upside, BNB is rejected at the overhead resistance, causing it to start its rise within the trading range. The downside move will start once the cryptocurrency is rejected from the overhead resistance. BNB will transition into a trend when the rangebound levels are broken.
BNB indicator reading
On May 3, the price rebounded and broke above the moving average lines. Traditionally, the altcoin will rise to the overhead resistance of $635 as it remains range-bound. On the 4-hour chart, the BNB price is above the moving average lines. The altcoin will aim to return to its previous highs.
Technical indicators:
Key resistance levels – $600, $650, $700
Key support levels – $400, $350, $300
What is the next direction for BNB/USD?
Binance Coin continues to move within the trading range by rising above the moving average lines. On the 4-hour chart, the price of the cryptocurrency is fluctuating between the moving average lines. BNB is currently trading between $520 and $620. The altcoin is rising to retest the overhead resistance of $635.
Previously, Coinidol.com reported that since April 18 the price of BNB has risen towards the high of $630.
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.