BNB Price Analysis
After reaching a high of $274 on November 21, Binance Coin (BNB) witnessed a decline below the moving average lines. Although the price has returned above the 50-day Simple Moving Average (SMA), it remains trapped between the moving average lines. Currently, the upward movement is facing resistance at $240. If BNB falls below the 50-day SMA, the market is expected to decline further, falling back into the previous price range between $203 and $223.
As of now, BNB is still trading between the moving average lines, reaching a high of $235.20.
BNB Indicator Reading
The price of BNB is on a downward trend, but the price bars are still situated between the moving average lines. It is anticipated that the cryptocurrency will continue oscillating between these lines for the next few days. On the 4-hour chart, the moving average lines are sloping horizontally, indicating a sideways trend.
Technical Indicators
- Key Resistance Levels: $300, $350, $400
- Key Support Levels: $200, $150, $100
What is the Next Direction for BNB/USD?
BNB is currently in a downtrend and may initiate a sideways movement. The future direction will depend on whether the moving average lines remain unbroken. Breaking either the 50-day SMA or the 21-day SMA will determine the next path for BNB.
Last week, Binance Coin entered a sideways trend after the uptrend concluded on November 6. Buyers faced a barrier at $256, leading to four unsuccessful attempts to resume the upward trend, as reported by Coinidol.com on November 17.
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