Binance Coin (BNB) continues to hold above the $540 mark, indicating anticipation of a further uptrend in its price. The coin has experienced a significant increase, reaching a high of $633. Coinidol.com’s long-term forecast for BNB is bullish, suggesting positive growth potential.
According to their report, BNB’s price is approaching the resistance level of $700, which hasn’t been tested or breached since November 2021. While the altcoin is currently trading at $567, it may face further downside towards $525 if buyers fail to sustain the price above the $640 threshold.
The price of BNB is expected to resume its upward trend if it remains above the existing support or moving average lines. A break above the $640 barrier could propel the coin to its previous high of $780. In the meantime, BNB may trade within the range of $460 and $640.
The technical indicators indicate a decline for BNB on the 4-hour chart, with the coin expected to move between the moving average lines in the near future. However, on the daily chart, the price bars are above the moving average lines, suggesting the potential for further upward movement.
Key resistance levels for BNB/USD are identified at $300, $350, and $400, while key support levels are at $200, $150, and $100.
In conclusion, BNB’s uptrend appears to be intact as the price bars are retracing above the moving average lines. The current support at $540 is crucial for the resumption of the upward trend, and buyers are aiming to push the altcoin past the $700 resistance level.
Just a week ago, BNB experienced a price surge to $493 before a subsequent decline, as previously reported by Coinidol.com.
Please note that this analysis and forecast are based on personal opinions and should not be considered as financial advice. Readers are advised to conduct their own research before making any investment decisions.