BNB Pulls Back into Its Range as It Faces Rejection at $630

BNB (BNB) Long-Term Analysis: Ranging
The BNB price breaks above the moving average lines to reach the resistance at $631 but faces rejection at $630.  The Doji candlesticks are limiting the price upward movement. The altcoin has fallen into its range after hitting the high of $631. On the upside, if the bulls overcome the resistance at $635, BNB will rise to the next high of $693.

Today, BNB/USD has retraced to the low of $615.60. It is consolidating above the $600 support to resume the upward move. Nonetheless, a price rebound above the $600 support will catapult the altcoin to the targeted price level. The selling pressure will resume when the price breaks below the moving average lines.

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

BNB (BNB) Indicator Analysis  
Following the May 20 price bounce, the price bars are now above the moving average lines. The resistance at $630 and the Doji candlesticks have slowed the cryptocurrency’s upward movement. The range-bound move is still on track as the horizontal moving average lines remain flat.

What Is the Next Direction for BNB (BNB)? 
Binance Coin reaches a high of $631 but faces rejection at $630. The bullish momentum has failed to break above the $635 resistance level and has retreated into the range-bound zone. The altcoin is currently trading above its $600 support and the resistance at $630. On the downside, if the bears break below the $600 support, BNB will drop to a low of $590 or $562. The existence of Doji candlesticks raises doubts about the upward trend. The crypto signal is limited in its range as the altcoin retreats.

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