Binance Coin Is in a Range as It Faces Rejection at $320
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Binance Coin (BNB) Long-Term Analysis: Bullish
The price of Binance Coin (BNB) is declining in the area between the moving average lines as it faces rejection at $320. The crypto price tested the $340 resistance twice more before the decline. Since February 9, BNB/USD has been confined between the moving average lines. In other words, the altcoin has been fluctuating in price between $290 and $320. When these thresholds are crossed, Binance Coin will start to trend. On the plus side, BNB will regain bullish momentum if price breaks above the 21-day line SMA. The cryptocurrency will return to its prior high of $340. The market will drop to a low of $249 if the bears’ breach below the 50-day line SMA. At the time of writing, BNB/USD is currently trading at $310.90.
Binance Coin (BNB) Indicator Analysis
The equilibrium price level for the BNB price for period 14 is represented by level 50 on the Relative Strength Index. The price bars are between the moving average lines as BNB continues to be range-bound. The daily stochastic’s level 40 is where the cryptocurrency is in a bullish momentum.
Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200
What Is the Next Direction for Binance Coin (BNB)?
Binance Coin is not trending because it is trapped between the moving average lines. At the $315 high, the upward movement is currently being rejected. The cryptocurrency asset will continue to move in a sideways direction until bullish momentum picks back up.
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