The price of Binance Coin (BNB) has risen after its recent breakout above the moving average lines.
BNB price long-term prediction: bullish
BNB has reached its opening high of $663 and the positive momentum is expected to continue to the high of $675. On 10 June, the upward momentum was halted at a high of $674.
On the other hand, if BNB falls from its recent high and breaks below the moving average lines, it will return to the previous low of $625. If BNB remains above the moving averages, it will have to move between the support levels of $625 and $675.
BNB price indicators analysis
The price of BNB has returned above the moving average lines after the breakout. It is likely that the altcoin will rise above the moving averages. On the 4-hour chart, the moving average lines are pointing upwards, indicating an uptrend. The 21-day SMA is above the 50-day SMA, which is a bullish signal.
Technical indicators:
Key Resistance Levels – $600, $650, $700
Key Support Levels – $400, $350, $300
What is the next move for BNB?
BNB is in a sideways trend but has returned above the moving averages. The altcoin has gained despite hitting an early obstacle at $660. If the altcoin retraces and stays above the moving average lines, it will resume its upward trend.
The cryptocurrency was previously hovering between the resistance of $680 and the support of $620, as reported by Coinidol.com.
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-on-its-way/