The cryptocurrency has resumed its sideways pattern, and Binance Coin (BNB) bullish rise has stalled around the $870 peak.
BNB price long-term prediction: bullish
Since August 13, as Coinidol.com wrote previously, the price of the cryptocurrency has been fluctuating above the $820 support and below the $870 price barrier. BNB reaches the overbought zone of the market. If buyers keep the price above $870, BNB will rise to a high of $1,150.
However, the uptrend will end if the bears fall below the moving average lines. The altcoin will fall to its next support at $720. BNB price is now $849.50.
BNB price indicators analysis
The price bars are above the moving average lines as the altcoin maintains its sideways trend. The price of the cryptocurrency is struggling to break through the $880 mark.
On the 4-hour chart, the long candlestick wick from August 21 signals strong selling pressure near the $880 level. BNB will fall if sellers emerge in the overbought market.
Technical indicators:
Key Resistance Levels – $800, $850, $900
Key Support Levels – $600, $550, $500
What is the next direction for BNB/USD?
BNB is trading sideways as it confronts rejection at its high of $880. The altcoin is trading in a range between the $820 support and the $880 resistance level. The upward movement has been halted at the $880 high.
For the past few days, the cryptocurrency has been compelled to remain in its range.
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.
