Today, BNB price is trying to break the 21-day line SMA or the resistance at $213. Cryptocurrency price analysis from Coinidol.com.
BNB Price Long Term Forecast: Bearish
The price of Binance coin (BNB) continued to fall, but the range was limited. The 21-day line SMA capped the rising price movement. The price of the cryptocurrency remains between $200 and $213.
BNB could rise to the 50-day line SMA after breaking the 21-day line SMA. If BNB price rises above the 50-day line SMA, the uptrend will resume. The bullish momentum will continue until the price reaches $220 or $227. The bullish momentum will end when the 50-day line SMA blocks the uptrend. The altcoin will then be forced to trend sideways for a few days.
BNB indicator display
The BNB indicator is rising in the 14th period and is still at 48 on the Relative Strength Index, which indicates a negative trend. The cryptocurrency price will be restrained between the moving average lines if the 21-day line SMA is violated. The altcoin is currently trending up above the 40 level of the daily stochastic. If the crypto price breaks this barrier, it will regain its bullish momentum.
Technical Indicators:
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
What is the next direction for BNB/USD?
Binance coin has resumed positive momentum and has risen above the $206 support level. If the price of the cryptocurrency rises above the 21-day simple moving average, it will encounter another barrier at the $216 high. If BNB is rejected at the $216 high, it will start a movement that will be within a certain range.
On September 17, 2023, BNB has reached the resistance at $216, or the 21-day line SMA, and was slowing down the next upward movement.
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.
Source: https://coinidol.com/bnb-price-misses-barrier/