BNB Retreats as It Reaches the $580 Resistance

BNB (BNB) Long-Term Analysis: Bullish

BNB’s price is in an uptrend after breaking above the moving average lines as it reaches the $580 resistance. On the weekly chart, the BNB price has become trapped between the moving average lines. On the upside, the current upswing is likely to be rejected at the $600 barrier level. Since July 21, BNB’s price has been rejected at the $600 barrier level.

Today, BNB has risen to the high of $574 at the time of writing. On the upside, BNB will be compelled to a sideways move if it fails to break above the $600 resistance level. On the daily chart, the altcoin will be trading above the moving average lines but below the resistance at $600.

Technical indicators: 

 Major Resistance Levels – $600, $660, $720
Major Support Levels – $400, $340, $280

BNB (BNB) Indicator Analysis  

On the weekly chart, the BNB price remains stuck at the 21-day SMA, forcing the altcoin to resume its range-bound movement between the moving average lines. If the altcoin retreats from the 21-day SMA, selling pressure is likely to increase. Should the selling pressure continue, the market will close below its 50-day moving average.

What Is the Next Direction for BNB (BNB)? 

On the daily chart, the BNB price has risen above the moving average lines as it reaches the $580 resistance. The recent breakout is short-lived as it approaches the $575 barrier. According to pricing indicators, the altcoin will drop in the long run. Meanwhile, the crypto signal remains optimistic, with price bars above the moving average lines.

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