BNB’s Price Stalls at $330 as It Continues Its Downward Trajectory

BNB (BNB) Long-Term Analysis: Bullish
BNB’s price is trending sideways as it continues its downward trajectory. Since December 27, the cryptocurrency has been trading sideways between $290 and $330. On February 9, the altcoin surged to a high of $326 before resuming swings below the $330 barrier mark. Today, the altcoin is retracing to the moving average lines. This has been the price activity over the last two weeks.

On the upside, if the current resistance level is broken, the altcoin will rise to $360. If the bulls fail to break above the present resistance level, the sideways trend will continue. Meanwhile, prices have moved slowly due to the presence of Dojt candlesticks.

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


BNB (BNB) Indicator Analysis
The price bars are above the horizontal moving average lines. BNB prices will rise as long as they remain above the moving average lines. The upward trend is stalled at the $330 resistance level. On the 4-hour chart, the price bars have broken below the 21-day SMA, indicating a continued slide to the 50-day SMA.

What Is the Next Direction for BNB (BNB)?
BNB/USD is falling after hitting a resistance level as it continues its downward trajectory. The altcoin is expected to drop and resume its range-bound movement between $290 and $330. Currently, the altcoin has been repelled from its recent high. Long candlestick wicks imply significant selling pressure at the higher price level. The crypto signal is expected to be bearish, as the altcoin faces rejection at its recent high.

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