Binance Coin (BNB) bullish uptrend has ended after the price hit a high of $861 on July 28.
However, over the past week, BNB has fallen to a low of $744.
BNB price long term prediction: bearish
Selling pressure has eased above the 21-day SMA support. The bulls bought dips to keep the price above the 21-day SMA support. As long as the 21-day SMA support holds, BNB’s uptrend is likely to continue. The altcoin will rise again and reach its previous high of $860.
However, if the bears break the 21-day SMA support, the cryptocurrency will drop to a low of $680. In the meantime, BNB is trading above the 21-day SMA support but below the resistance level at $860.
BNB price indicators analysis
The price of BNB has pulled back above the moving average lines after the previous uptrend. The bears tried to break the 21-day SMA support but the bulls bought on dips. BNB price will rise if it holds above the moving average lines. Similarly, BNB will fall more when the price falls below the moving average lines.
What is the next move for BNB?
BNB has fallen below its moving average lines. The price decline has paused above the $740 support. BNB is currently trading above this support but below the moving average lines.
The cryptocurrency price is rising and reaching the 21-day SMA. When the price breaks above the moving average lines, the altcoin will restart its bullish trajectory.
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 viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
