The Binance Coin (BNB) price is steadily rising after falling to $602. The cryptocurrency was previously hovering between the resistance of $680 and the support of $620.
BNB price long-term prediction: bearish
The bears broke below the $620 support but the bulls bought the dips. BNB rallied and reached a high of $645. The cryptocurrency is likely to be rejected at its recent high. If the buyers keep the price above the moving average lines, BNB will rally to $680, which was its previous high.
The cryptocurrency is likely to be sold off at its last high. If the buyers keep the price above the moving average lines, BNB will rise to $680, which was its previous high. Should the buyers fail to lift the price above the moving average lines, the altcoin would have to make a move above the $600 support. The bullish momentum has stalled below the moving average lines.
BNB price indicators analysis
The fact that the BNB price bars on the daily chart are below the moving average lines indicates that the altcoin has not recovered. The altcoin could fall if it deviates from the moving average lines. The price bars on the 4-hour chart are above the moving average lines. The uptrend is likely to bounce off the $650 barrier.
Technical indicators:
Resistance Levels – $600, $650, $700
Support Levels – $400, $350, $300
What is the next move for BNB?
BNB is yet to break above the $650 barrier as it has recovered from its decline. The altcoin is currently trading below the moving average lines but above the $600 support. The cryptocurrency will resume its positive trend if it breaks above the moving average lines.
Coinidol.com reported on June 6 that the price of Binance Coin fell below the moving average lines but was held back by the 50-day SMA. The decline was expected to extend back to $615.
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/binance-coin-price-bounces-back/