Binance Coin Price Holds Above $540 In Anticipation Of A Further Uptrend

The price of the Binance coin (BNB) has seen an excellent uptrend, rising to a high of $633.

Long-term forecast for the BNB price: bullish

According to the report by Coinidol.com, the price of Binance coin is approaching the overhead resistance of $700. The overhead resistance has neither been tested nor breached since November 1, 2021. The altcoin is bearish as buyers are unable to sustain the price above the $640 high. BNB is currently trading at $567 and could fall further to $525.

The rise could resume if the price of the cryptocurrency remains above the existing support or moving average lines. On the upside, a break above the $640 barrier will propel the altcoin to its high of $780. BNB will be forced into a range between $460 and $640.

Binance coin price indicator reading

On the 4-hour chart, BNB is in decline between the moving average lines. BNB is expected to move between the moving average lines in the coming days. On the daily chart, the price bars are above the moving average lines, indicating a further upward movement of the cryptocurrency.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

What is the next direction for BNB/USD?

BNB’s uptrend is on track as the price bars are retracing above the moving average lines. The price of the cryptocurrency has fallen and settled above the $540 support. The uptrend will resume once the current support holds. On the upside, buyers intend to push the altcoin above the $700 resistance.

Just a week ago, Coinidol.com reported that the BNB price rose to a high of $493 before falling again. 

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.

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• Source: https://coinidol.com/binance-coin-anticipation-uptrend/