BNB Advances to $420 but Reverts to Its Range-Bound Move

BNB (BNB) Long-Term Analysis: Bullish
BNB’s advance has persisted since breaking above the $340 resistance level but reverts to its range-bound move. The cryptocurrency asset has shown consistency in previous price action, trading below the $340 barrier level but above the moving average lines. Today, the altcoin soared to a high of $429 but then fell again.

The crypto asset’s bullish momentum has stalled below the resistance level of $420. BNB’s bullish trend will continue if buyers break through the $420 resistance level. In other words, BNB will reach a new high of $460. The coin will fall if it fails to break the $420 resistance level. That is, BNB will retrace above its 21-day SMA. The altcoin will drop to $340, or the 50-day SMA. The altcoin is currently worth $409.30 in the interim.

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

BNB (BNB) Indicator Analysis
The price bars are still above the upward-sloping moving average lines despite the pullback. The 4-hour chart shows price bars above the horizontal moving average lines, indicating a sideways trend. The presence of the Doji candlestick has caused price movement to be slow. The market has also entered the overbought zone.

What Is the Next Direction for BNB (BNB)?
BNB/USD has continued to rise but reverts to its range-bound move. The altcoin is trading in a narrow range of $400 to $420. The crypto signal will be determined when the price breaks through the range-bound levels. In the meantime, the altcoin will maintain its range-bound movement.

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