The price of Binance Coin (BNB) fell below the moving average lines but was held back by the 50-day SMA. The decline was expected to extend back to $615.
BNB price long-term prediction: bearish
The bulls bought the dips at $625, the low of the altcoin. The drop was caused by the buyers’ inability to push the altcoin above the $690 level during the previous price action. Buyers are trying to push the altcoin to surpass the 50-day SMA today.
If the support of the 50-day SMA remains, the cryptocurrency will be forced to trade in a range between $630 and $690.
On the other hand, if the downtrend breaks the 50-day SMA support, BNB will drop to a low of $620. If the price breaks above the moving average lines, the uptrend will resume. The current value of BNB is $640.20.
BNB indicator reading
The BNB price lines are below the moving average lines after the breakdown on 5 June. Today, buyers are trying to push the price above the 50-day SMA.
On the 4-hour chart, BNB’s price has fallen well below the moving average lines, indicating a downtrend.
Technical indicators:
Resistance Levels – $600, $650, $700
Support Levels – $400, $350, $300
What is the next direction for BNB/USD?
The BNB price has fallen below the $620 support level. The altcoin has reached the oversold area of the market. The selling pressure has been halted above the $0.20 support in the last 48 hours. It is likely that BNB will move between the $620 support and below the $690 resistance.
Coindol.com reported on May 28 that the price of Binance Coin was previously moving sideways above the moving average lines but below the $690 level.
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.
