Binance Coin (BNB) is facing a rejection at the moving average lines after failing to break above them.
BNB price long-term prediction: bearish
BNB fell to as low as $519 on April 7 but bounced back above the $540 support. The altcoin continued its downtrend as the moving average lines ended the upward correction.
The price indication on the weekly chart predicts that the cryptocurrency will continue to fall. A retraced candlestick body tested the 50% Fibonacci retracement level of the December 16, 2024 price dip. The retraced candlestick body suggests that BNB will fall below $450.50 or the 2.0 level of the Fibonacci extension. However, the altcoin is now bullish. BNB is currently at $586.
BNB indicator reading
The price bars are below the moving average lines on both charts. The previous rise is indicated by the upward moving average lines. On the daily chart, the current trend is indicated by the downward sloping moving average lines. The price fluctuation is minimal due to the doji candlesticks.
Technical indicators:
Resistance Levels – $600, $650, $700
Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
BNB could fall further as the moving average lines have blocked the uptrend. The price action on the daily chart is limited by the support at $540 and the lines below the moving average. Selling pressure will increase again if the current support of $540 is broken. The altcoin has been moving steadily lower in the meantime.
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-steadily-towards/