BNB Faces Strong Resistance At The $600 Barrier

Oct 29, 2024 at 14:25 // Price

BNB is showing a long candle wick at the recent high

Today, bullish momentum for BNB is testing resistance at $600. Price analysis by Coinidol.com.

BNB price long term forecast: ranging

The price of Binance Chain Native Token (BNB) has remained range-bound since the September 23 price rally. The cryptocurrency has been trading above the $540 support and below the $620 barrier over the past month. 

Now, if the $600 barrier is broken to the upside, the altcoin will rise to $635, the next resistance level. However, the bears will put up fierce resistance near the high of $635. 

Nonetheless, the upside momentum will extend to the previous high of $724 where the bears are losing out. The price range of $540 to $620 won’t change if the barrier isn’t breached. The current price of BNB is $605.

BNB indicator reading

BNB is trading sideways as indicated by the horizontal moving average lines. The price bars are above the moving average lines as the altcoin retests the $600 resistance level. BNB is showing a long candle wick at the recent high. This indicates strong buying pressure at higher levels.

Technical indicators:  


Key Resistance Levels – $600, $650, $700

Key Support Levels – $400, $350, $300

BNBUSD (Daily Chart) –OCT.29.jpg

What is the next direction for BNB/USD?

BNB is in a sideways movement below the $610 resistance level. The price of the cryptocurrency has tested the barrier level three times and declined. The extended candlestick wicks signal significant selling pressure at the $610 high. BNB has fallen above or below the moving average lines as it faces rejection at its recent high.

BNBUSD (4-hour Chart) –OCT.29.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-faces-strong-resistance/