Binance coin's (BNB) price has fallen below moving average lines, but is still above the 50-day SMA.
BNB Price Long-Term Forecast: Bearish
The decline will continue as long as the bears do not break below the SMA of 50 days. The price decline is a result of the buyers failing to maintain the price above $340, the upper resistance level.
BNB is currently trading at a low price of $290.80. BNB's price could be stuck between moving averages if the support of the 50-day SMA holds. While the market is determining the next move, it will oscillate around the moving averages. If the current support level was breached, then the market would fall to a low price of $281.
BNB indicator display
The price bars are above the 50-day SMA but between the moving average line. The bears will gain an edge if the current support is broken. With the current decline, horizontal moving average lines tend to trend lower.
Key Resistance Levels - $300. $350. $400
Key support levels - $200, $150, $100
What is next for BNB/USD?
BNB reached a low of 291 dollars on the 4-hour chart before consolidating above this level. BNB traded between the $291 level and the moving-average lines over the last 48 hours. If the current support level was breached, however, the market could drop to a minimum of $281. The support level is being retested by the long candlestick tails.
Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as a endorsement by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.