BNB Price Movement Overview
The price of Binance coin (BNB) has been experiencing fluctuations, with the 21-day line SMA acting as a significant barrier. Currently, BNB is trading within the range of $200 and $213.
Short-Term Forecast
If BNB manages to break the 21-day line SMA, it could ascend towards the 50-day line SMA. Crossing this level might reignite the bullish trend, propelling the price towards $220 or $227. However, the upward movement will be halted once the price meets the 50-day line SMA, forcing the altcoin into a sideways trend for a few days.
BNB Indicator Analysis
The BNB indicator is currently displaying mixed signals. While the 14-day RSI stands at 48, suggesting a negative trend, the altcoin is trending above the 40 level of the daily stochastic. If BNB breaches this barrier, it could regain its bullish momentum.
Technical Indicators
- Key Resistance Levels: $300, $350, $400
- Key Support Levels: $200, $150, $100
BNB/USD Next Steps
Binance coin has recently surpassed the $206 support level, indicating positive momentum. However, the next significant hurdle lies at the $216 mark, represented by the 21-day simple moving average. If BNB fails to breach this level, it might initiate a period of consolidation within a specific range.
On September 17, 2023, BNB encountered resistance at $216, corresponding to the 21-day line SMA, slowing down its upward movement.
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