BNB Retraces above $500 and Commences a Range-Bound Advance

BNB (BNB) Long-Term Analysis: Bearish

BNB’s price falls below the moving average lines and commences a range-bound advance. The altcoin fell below the moving average lines but remained above the $500 support. On the daily chart, the cryptocurrency’s price is rising to retest the moving average lines. The selling pressure will return if the moving average lines repel the crypto price. On the weekly chart, the cryptocurrency price is caught between the moving average lines.

The altcoin’s price currently ranges between $500 and $600. On the negative, if the bears violate the present support level of $500, the altcoin will fall to a low of $440. If the selling pressure continues, the bearish momentum will reach the $294 low.

Technical indicators: 

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

BNB (BNB) Indicator Analysis  

Price bars are either below or between the moving average lines. The bottom line is that for the next few days, the crypto asset will be forced to trade in a narrow range. The altcoin will trend if either the blue or red moving average line is breached.

What Is the Next Direction for BNB (BNB)? 

BNB is in decline below the moving average lines as it commences a range-bound advance. On the daily chart, the cryptocurrency’s price remains below the moving average lines as it rises to retest them. When the cryptocurrency breaks above the moving average lines, it will resume its bullish trend. Meanwhile, the cryptocurrency signal remains range-bound as Doji candlesticks appear.

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