Binance Coin Maintains a Strong Position Above $245 and Tests $260 Resistance Level Again.

Binance Coin Price Long-Term Forecast: Bullish

The price of Binance (BNB) coin experienced a surge to a high of $257.10 on December 12, followed by a subsequent decline. Currently, the cryptocurrency is at a crucial juncture, poised to either rise above or fall below the moving average lines. This pattern has persisted since July 14.

Over the past four months, BNB/USD has faced challenges in sustaining its uptrend, with higher rallies consistently encountering resistance at the $260 level. A breakthrough above this resistance barrier would signify the initiation of a new upward movement, with expectations for the price to remain in the uptrend zone until it reaches $300.

As of now, BNB is trading within the price range of $220 to $260. Should the bears manage to breach the $220 support level, the cryptocurrency is likely to experience a downside, potentially falling to a low of $203.

BNB Indicator Reading

Since November 6, the price bars have risen above the moving average lines, enabling the altcoin to retest the overhead resistance at $260. A sustained retest of the recent high is anticipated to weaken the $260 resistance further. Notably, the moving average lines are indicating an upward trajectory, supporting the current uptrend.

Technical Indicators:

  • Key Resistance Levels – $300, $350, $400
  • Key Support Levels – $200, $150, $100

What is the Next Direction for BNB/USD?

BNB/USD is expected to continue trading sideways as long as the overhead resistance at $260 remains unbroken. The cryptocurrency has retraced and is currently hovering above the $249 support level. The resumption of trading activity will depend on the sustainability of the current retracement above the moving average lines.

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