BNB Returns To Is Range When The $600 Mark Is Reached

Oct 21, 2024 at 19:18 // Price

The price of the cryptocurrency has retested the overhead resistance for the fifth time

The price of Binance Chain Native Token or BNB (BNB) has risen above the moving average lines and reached the overhead resistance of $600.

Long-term prediction of the BNB price: ranging

The price of the cryptocurrency has retested the overhead resistance for the fifth time. In other words, buyers have failed to keep the price above the $600 peak since July 21. Now, if buyers manage to break above the $600 level, the market will reach a high of $724. 

However, BNB will fall if it goes down from the recent high. The cryptocurrency value will return to its previous range between $480 and $600. The current price of BNB is $608.80.

BNB indicator reading

BNB’s price bars have risen above the moving average lines since the breakout on October 14. The moving average lines are horizontal and indicate a sideways trend. There are extended candlestick wicks pointing towards the resistance zone. Long candlestick wicks indicate significant selling pressure on rising prices.

Technical indicators:  

Resistance Levels – $600, $650, $700

Support Levels – $400, $350, $300

BNBUSD (Daily Chart) –OCT.21.jpg

What’s next for BNB/USD?

The 4-hour chart shows that BNB is in an uptrend after the price drop on October 3, as reported by Coinidol.com before. The price of the cryptocurrency has risen to $610, but is still being rejected. The altcoin is moving back above the moving average lines, i.e. the $600 support. If BNB falls below the $600 level, the selling pressure will increase again and BNB will fall and continue its range-bound movement.

BNBUSD (4-hour Chart) –OCT.21.jpg

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. 

Source: https://coinidol.com/bnb-returns-range/