Binance Coin Price Long Term Prediction: Bullish
The price of Binance Coin has entered a sideways trend after the uptrend ended on November 6. Despite four unsuccessful attempts to resume the current rise, buyers have faced a barrier at $256.
The bulls are currently retesting the resistance level in order to break through it. If the bulls prevail, the market will rise to a high of $280. However, if the bullish scenario is broken, BNB will likely remain in its current price range, trading between $242 and $256. A breakout above this range would indicate a long position for BNB.
BNB Indicator Reading
On November 14, BNB experienced a sharp decline but managed to recover and trade above the 21-day SMA. The tail of the long candle is below the 21-day Simple Moving Average, indicating strong buying at lower price levels. The price bars have returned above the moving average lines, suggesting an impending uptrend.
- Key Resistance Levels – $300, $350, $400
- Key Support Levels – $200, $150, $100
What is the Next Direction for BNB/USD?
This marks the fourth rejection of the current high, casting doubt on BNB’s ability to rise above $256 again. The altcoin’s downtrend is likely to persist as long as it remains above the moving average lines.
After rejecting the recent high, the altcoin is backtracking, and price fluctuations in BNB are expected to continue. Coinidol.com reported on November 9 that BNB/USD was moving between $235 and $255.