BNB Price Rises Again, But Faces $580 Barrier

Oct 09, 2024 at 05:19 // Price

Depending on whether the moving average lines are broken, the price movement will now be upwards or downwards

The price of BNB (BNB) has corrected higher after breaking above the moving average lines but was halted by the 21-day SMA.

For the past three days, BNB has been trapped between the moving average lines but remained stable above the $550 support, as reported by Coinidol.com. 

BNB long time price prediction: bullish

Depending on whether the moving average lines are broken, the price movement will now be upwards or downwards. If the bulls break through the 21-day SMA resistance line, BNB will rise to the next barrier at $600.

If the price falls below the 50-day SMA support, the altcoin will lose value. BNB will fall and return to its previous lows above $540 and $500. It is currently valued at $574.

BNB price indicators reading

BNB is trading between the moving average lines after a recent upward correction. Over the next few days, the cryptocurrency is likely to stay within its range. On the 4-hour chart, the price of the altcoin is rising while remaining above the moving average lines. The uptrend was stopped at the $580 mark.

Technical indicators:  

Resistance Levels – $600, $650, $700

Support Levels – $400, $350

BNBUSD (4-hour Chart) –OCT.8.jpg

What Is the Next Direction for BNB/USD? 

BNB is currently between the 50-day SMA support and the 21-day SMA resistance. In other words, the altcoin is trading above the $550 support but below the $580 barrier. The sideways trend will start when the price breaks the current constriction.

BNBUSD (Daily Chart) –OCT.8.jpg

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/bnb-price-rises-again-but-faces-580-barrier/