BNB Slumps and Remains Range-Bound above $800

The price of BNB has been forced to trade within a range after falling to a low of $791.

BNB price long-term prediction: ranging

The cryptocurrency is currently trading above $800 but remains below the moving average lines. On December 3, buyers attempted to push the price above the moving average lines but were unsuccessful. The upward movement was halted by resistance at $920 and the 50-day SMA, causing BNB to move sideways.

On the upside, BNB will regain positive momentum if it breaks above the moving average lines. Today, BNB fell below the moving average lines, indicating a potential downturn. On the downside, BNB will fall to $755 if it breaks below the current support. BNB is currently at $855.10.

BNB price indicator reading

BNB’s price is below the horizontal moving average lines. The bullish momentum broke above the 21-day SMA but failed to remain above the 50-day SMA. On the 4-hour chart, BNB’s price is confined between the moving average lines, indicating a likely range-bound movement for the cryptocurrency.

Technical indicators:  

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

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

What is the next direction for BNB/USD?

BNB has been trading above the 21-day SMA support but below the 50-day SMA resistance. The cryptocurrency will remain within its range as long as it is restricted between the moving average lines. On the 4-hour chart, the altcoin will trend if either the 21-day SMA support or the 50-day SMA resistance is broken. Currently, investors are seeking to push the price above the 50-day SMA level.

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.