Coinidol.com report, the price of Binance Coin (BNB) is stagnant as it is contained in a range. It is now restricted to a narrow price range of $220 to $250.
Binance Coin (BNB) Price Long Term Prediction: Ranging
Since June 12, the current support and resistance levels have not been breached yet. Price movement has remained consistent within the limited range.
As the Binance coin is between the moving average lines and capped, the movement could continue within the range. Resistance at $250 and the 50-day line SMA are impeding the upward movement. If BNB rises above the current support, the uptrend will resume. This would catapult the cryptocurrency to a high of $320.
On the downside, the bulls are defending the current support of $220. Long candlestick tails at the bottom of the chart signal aggressive buying at a lower price level.
Binance Coin (BNB) Indicator Reading
The cryptocurrency is currently trading at its equilibrium price level. For period 14, it is at a Relative Strength Index of 50, which also means that supply and demand have reached an equilibrium point. BNB is currently trading between its moving average lines, indicating that the cryptocurrency is trading in a range. The bullish momentum has paused at the daily stochastic value of 40.
Key resistance levels – $300, $350, $400
Important support levels – $200, $150, $100
What is the next direction for BNB/USD?
For the time being, the cryptocurrency value is trading in a range. The range bound level remains unbroken. Doji candlesticks have dominated the price action and control the price movement. A break of the current support level will lead to an uptrend in the asset.
By the end of June 2023, BNB/USD pair was in trading in a limited range between $220 and $240.
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.com. Readers should do their own research before investing in funds.