BNB’s Rise Halts At $338 As It Fails To Reach The Last Peak

BNB (BNB) Long-Term Analysis: Bullish
The price of BNB (BNB) has been moving sideways since the uptrend stopped on December 28 as it fails to reach the last peak. The cryptocurrency surged to a high of $338 on December 28 before being rejected. Buyers are currently pressuring the cryptocurrency to retest the previous peak. On the plus side, the market will rise to the high of $365 if buyers break through the resistance level of $338.

In the event that buyers fail to surpass the latest peak, the cryptocurrency will continue to fluctuate within a range. In other words, BNB/USD will be trading in the $310 to $330 range. Right now, the existence of Doji candlesticks limits the amount of price fluctuation. In addition, the market is getting closer to the overbought area.

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

BNB (BNB) Indicator Analysis
The price bars show the recent rally since they are above the moving average lines. The 21-day SMA crosses above the 50-day SMA, indicating a bullish crossing for BNB. Traders can place bullish orders once the crossing occurs. Doji candlesticks also contribute to the price action’s characteristics.

What Is the Next Direction for BNB (BNB)?
Binance Coin is trending range-bound as it fails to reach the last peak. The pricing range of the coin has been limited between $310 and $330. These little body indecisive candlesticks suggest that both buyers and sellers are uninterested in the market’s direction.

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