Binance Coin Stuck And Struggling Below $320 High

Feb 23, 2023 at 09:34 // Price
Author
Coin Idol
Binance Coin has been trading between the moving average lines

Binance Coin (BNB) is currently trading in the bullish trend zone, although it is stuck between the moving average lines.

Binance Coin price long term forecast: bullish

Since February 9, the cryptocurrency asset has been contained between the moving average lines. In other words, the price of BNB is moving between $290 and $320. Binance Coin will start trending once these barriers are crossed. The resistance at $320 or the 21-day line SMA have both slowed down the upward movements. Since the price rally on February 15, $320 has served as a constant resistance for the cryptocurrency's price. However, if the price rises above the 21-day line SMA, BNB will resume its uptrend. BNB will regain its previous high of $340. If the bears break below the 50-day line SMA, the market will fall to a low of $249.

Binance Coin indicator display

The Relative Strength Index for period 14 has the altcoin at level 50. BNB has moved in a range as the price bars are positioned between the moving average lines. The cryptocurrency asset is in a bullish momentum at level 60 of the daily stochastic.

BNBUSD(Daily Chart) - February 23.23.jpg

Technical indicators:

Key resistance levels - $600, $650, $700

Key support levels - $300, $250, $200

What is the next direction for BNB/USD?

Binance Coin has been trading between the moving average lines since February 9. BNB is also fluctuating between $290 and $320. The altcoin has not moved in the last two weeks. The 21-day line SMA has staved off the upward movement today, indicating further movement within the range.

BNBUSD(4 Hour Chrt) - Februry 23.23.jpg

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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