BNB Rebounds but Faces the $550 Barrier

BNB (BNB) Long-Term Analysis: Bullish

BNB’s price breaks above the moving average lines but faces the $550 barrier. The bullish momentum reached a high of $548 on September 12. For the past 24 hours, buyers have struggled to maintain bullish momentum above the $550 barrier level. BNB will rise above $600 if buyers overcome the initial obstacle.

If the altcoin fails to break through the initial barrier, it will fall below the moving average lines. On the upside, buyers have been unable to break through the resistance at $600 since July 21. In the meantime, BNB is worth $554 and is trading above the moving average lines.

Technical indicators: 

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

BNB (BNB) Indicator Analysis  

BNB has risen, and the price bar is now above the moving average lines. The altcoin will rise if the price bars stay above the moving average lines. The moving average lines have been horizontal since the start of the sideways trend. On the 4-hour chart, the moving average lines have a bullish crossover, indicating the rise of the cryptocurrency.

What Is the Next Direction for BNB (BNB)? 

The 4-hour chart shows BNB in an uptrend but faces the $550 barrier. The cryptocurrency price is making a series of higher highs and higher lows. On the September 8 upswing, a retraced candle body tested the 50% Fibonacci retracement level. The candlestick retracement suggests that the cryptocurrency may be on its way up. With a Fibonacci extension, the cryptocurrency will reach level 2.0, or $538.24. The cryptocurrency signal fluctuates as it reaches bullish exhaustion.

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