BNB Rises but Oscillates above $600

BNB’s price has resumed its bullish ascent, breaking above the moving average lines.

BNB price long-term prediction: bullish

However, the upward trend was halted by the 50-day SMA barrier. The price movement is now confined between the moving average lines.

Buyers are attempting to push the price above the 50-day SMA. If successful, the altcoin will rise to the next resistance at $686. If the altcoin fails to break out, BNB will continue to trade within the range between the 21-day SMA support and the 50-day SMA barrier. For instance, a drop below the 21-day SMA support will cause the cryptocurrency to return to its previous range above $580.

Technical indicators:

• 
  Resistance Levels – $1,000, $1,050, $1,200

• 
  Support Levels – $900, $850, $800

BNB indicator reading

Following the recent positive trend, BNB is currently trading above the 21-day SMA support but below the 50-day SMA barrier.

The 4-hour chart shows the price is above the moving average lines. The 21-day SMA is above the 50-day SMA, indicating a bullish trend. BNB’s price has remained below the $630 peak. Since April 7, the upward trend has stayed above the moving average lines but below the resistance at $630.

What is the next direction for BNB/USD?

BNB will continue to move sideways if buyers do not push the price above the $630 high. Buyers have made three unsuccessful attempts to raise the price, but were rejected. If BNB does not surpass the recent high, it will remain in its current range.

Meanwhile, it is oscillating above the moving average lines on the 4-hour chart.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.