The price of Binance Chain Native Token (BNB) has entered the bearish trend zone.
BNB price long term forecast: bearish
Since February 28, the altcoin has been trading below the moving average lines but above the $560 support. Buyers tried to hold the price above the 21-day SMA on March 2, but failed to do so. The price of the cryptocurrency has fallen and is currently in the middle of the range.
The cryptocurrency price will retrace and return to its previous low of $508 if it loses the current support at $560. BNB will resume its bullish momentum if it bounces back and breaks above the moving average lines. The price of BNB is at $567.
BNB indicator reading
The fact that the bars of the crypto price are below the moving average lines indicates that it will continue to fall. A long candlestick tail on February 28 points towards the current support of $560. At the current support, this indicates significant buying pressure. The downward slope of the moving average lines indicates the downtrend.
Technical indicators:
Resistance Levels – $600, $650, $700
Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
BNB is falling as it approaches the current support level of $560. If the downtrend falls below the current support of $560, the decline will continue to the low of $503. The current price range will continue if the current support holds.
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-native-token-retests/