BNB Maintains Its Range as Buyers Fail to Jump the $220 Hurdle

BNB (BNB) Long-Term Analysis: Bullish
BNB’s (BNB) price is now below the moving average lines as buyers fail to jump the $220 hurdle. BNB rose to a high of $220 on October 1 but was rejected. The price of the cryptocurrency is currently below the moving average lines. The altcoin is now trading at $212 as of this writing. The most recent price movement has replicated itself three times.

Since August 21, BNB/USD has been range-bound between $203 and $220 price levels. The cryptocurrency falls each time the resistance level is retested within the limited range. The range-bound levels have not been broken for the past month. Once the range-bound levels are broken, the altcoin will trend. The Doji candlesticks have been limiting price movement in the interim.

Technical indicators:
Major Resistance Levels – $440, $460, $480
Major Support Levels – $240, $220, $200

BNB (BNB) Indicator Analysis
The price bars for the cryptocurrency are below the moving average lines, pointing to a further decline. Price declines are unlikely to continue as the market is oversold. The moving average lines are horizontal as the altcoin trades sideways, showing that the bearish trend has ended.

What Is the Next Direction for BNB (BNB)?
The crypto asset has reverted to its range as buyers fail to jump the $220 hurdle. The resistance above $220 has stymied the cryptocurrency market’s upward movement. BNB will regain a bullish trend when buyers overcome the resistance at $220 and the bullish momentum is sustained. Otherwise, the current range will be maintained.

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