BNB Halts Above $208 As It Makes Positive Moves

Oct 20, 2023 at 08:30 // Price

Binance coin (BNB) price has retreated below the moving average lines after being rejected from the previous high. Binance coin price analysis by Coinidol.com.

BNB Price Long Term Forecast: Bearish

The decline has stalled after BNB hit a low of $208. The altcoin is trading at $210.50 at the time of writing. The rejections have been occurring since the price dropped on August 17. After each rejection, a candle with a long wick appears pointing up. This indicates that BNB is under heavy selling pressure at higher price levels.

For example, resistance at $220 limits the upside. On the downside, BNB has remained above the $200 level. Long downward candlestick tails indicate significant buying pressure at lower price levels. Currently, BNB’s price range is limited to $200 to $213.

Technical Indicators:

Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100

BNBUSD (Daily Chart) – OCT. 19 (1).jpg

Binance Coin Indicator Display

After the recent price decline, the BNB price bars are below the moving average lines. This indicates a further decline in the cryptocurrency value. The market has reached the oversold zone in this situation. On the 4-hour chart, the BNB price is between the moving average lines. This explains why the altcoin is expected to trend sideways for a few days.

What is the next direction for BNB/USD?

Binance Coin will move sideways again if it stays above the $208 support level. BNB is likely to fluctuate in the lower time frame as it is trapped between the moving average lines. However, the price indication predicts a further decline to a low of $203. On the downside, selling pressure will resume if the bears break the $208 support.

On October 12, Coinidol.com reported that BNB prices have remained stable as selling pressure has reached bearish exhaustion.

BNBUSD (4 Hour Chart) – OCT. 19 (1).jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and 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-halts/