The price of Binance coin or BNB (BNB) is gaining momentum, breaking through moving averages.
BNB Long Term Price Forecast: Bullish
On August 5, bulls bought dips and continued the cryptocurrency’s positive trend. The altcoin price rose above the moving average and reached a high of $582. The current upward momentum is expected to meet resistance at the high of $600.
Since July 19, buyers have failed to sustain the bullish momentum above $600. If buyers break the $600 barrier, the uptrend could rise to $635. However, selling pressure will return if the altcoin falls below $600. BNB is currently valued at $582.
BNB indicator readings
BNB is gaining value as the price bars remain above the moving average lines. On the weekly chart, buyers are trying to push the price above the 21-day SMA resistance. If the cryptocurrency price falls below its recent high, it will remain between the moving average lines. The moving average lines are horizontal and indicate a sideways trend.
Technical indicators:
Key resistance levels are $600, $650, $700
Key support levels are $400, $350, $300
What’s next for BNB/USD?
BNB price has recovered and moved above the moving average lines. The cryptocurrency price is currently facing the first barrier at the high of $580. If the first barrier is broken, the bullish momentum will continue. Otherwise, the altcoin will trade above the moving averages but below the $600 mark.
According to Coinidol.com, BNB has been trading below the moving average lines but above the $470 support over the past week.
Disclaimer: This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
