Binance Coin Price Retraces To Previous Level After Rejection At $220

Oct 06, 2023 at 08:09 // Price

BNB has remained unchanged and is moving in the same direction

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

BNBUSD (Daily Chart) – OCT. 5.jpg

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.

BNBUSD (4 Hour Chart) – OCT. 5.jpg

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/binance-coin-price-retraces/