Binance Coin Faces Challenges Amidst Price Fluctuations
The price of Binance Coin (BNB) is currently in a downtrend zone, but the altcoin is making attempts to reclaim its recent highs, as analyzed by Coinidol.com.
Long-Term Price Prediction: Bearish
The 50-day Simple Moving Average (SMA) and resistance at $235 have been key factors rejecting positive momentum on Dec. 4 and Dec. 7. These moving average lines are acting as barriers to upward movement, resulting in a sharp rejection for BNB.
Since November 21, BNB’s price has been confined within the range of $223 and $235. A break below the current support line at $223 could lead the altcoin to revisit its previous low of $203. As of December 1, Coinidol.com reported BNB trading between $223 and $234 per coin. The continuation of this horizontal trend is anticipated if current support and resistance levels persist.
BNB Indicator Reading
Since November 21, the moving average lines have exhibited a horizontal trend due to the sideways movement. Currently, these lines are positioned below the price bars, and the presence of Doji candlesticks indicates a lagging price movement.
Technical Indicators:
- Key Resistance Levels – $300, $350, $400
- Key Support Levels – $200, $150, $100
What’s Next for BNB/USD?
BNB/USD is expected to continue trading sideways as the altcoin faces resistance at the moving average lines. The bears are actively defending these lines, leading to a decline in the cryptocurrency’s value from its recent high. Currently, BNB is trading within a narrow range, fluctuating between $226 and $235.
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