Cryptocurrency analysts of Coinidol.com report, the BNB price has continued its uptrend and pulled back above the $645 breakout level.
BNB price long term forecast: bullish
On May 12, the altcoin rose to a high of $692 before falling again. On the downside, selling pressure has eased above the $645 support and the altcoin has started a range-bound rally. BNB is poised to retest or break above the $700 level. A break above $700 would catapult BNB to its previous high of $750. However, if BNB fails to break above $700, it will be forced to trade in a range above the $645 support and its recent high. If the altcoin falls below the 21-day SMA support, it will find a floor at $604 or the 50-day SMA. BNB is currently trading at $651.
BNB indicator reading
On May 12, a long candle wick pointed to the $700 level, indicating strong selling pressure at the recent peak. After the current dip, the price bars have moved above the 21-day SMA support. This indicates that the value of the cryptocurrency will continue to rise. The moving average lines on the 4-hour chart are horizontal, indicating a sideways trend.
Technical indicators:
Key resistance levels – $600, $650, $700
Key support levels – $400, $350, $300
What is the next direction for BNB/USD?
On the daily chart, BNB is currently trading in the bullish trend zone. As long as it is in the bullish trend zone, the cryptocurrency has the potential to go much higher. The 4-hour chart shows that BNB is trading above the $640 support and below the $680 barrier. The cryptocurrency is once again gaining momentum as it continues to rise above the moving averages.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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-continues-bullish-rise/