BNB Price Analysis: Stuck at $235 Resistance Level
The price of the Binance (BNB) coin has shown upward movement in the past week. However, its growth has been hindered by a significant barrier at $235.
BNB Price Long Term Prediction: Bullish
The bulls made attempts to push the price of Binance coin above the $235 resistance level between October 23 and November 2. Despite their efforts, the altcoin faced a setback, leading to a fall with support found above the $220 breakout level. If buyers manage to break the barrier at $235, the cryptocurrency could potentially surge to a high of $250.
Currently, BNB is trading within a range of $220 to $235 as buyers strive to extend the uptrend. However, if the bears breach the $220 support, the market may revert to its previous range of $203 to $220. At the time of writing, BNB is trading at $231.70.
BNB Indicator Reading
On the lower time frame, BNB price bars have retraced above the moving lines, with the tail of the extended candle pointing to the 21-day SMA or the low of $227. A candlestick with a long tail indicates strong buying at a lower price level. Additionally, the moving average lines are running horizontally in different directions, indicating continued sideways movement.
Technical Indicators:
- Key resistance levels – $300, $350, $400
- Important support levels – $200, $150, $100
What is the Next Direction for BNB/USD?
Binance coin is currently moving sideways within the range of $220 and $235, as buyers have struggled to break the resistance at $235. The price could potentially continue to rise and retest the resistance level, as long as it remains above the moving average lines.
On October 31, Coinidol.com reported that the previous uptrend was anticipated to face rejection as BNB approached the resistance at $237.
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