BNB Continues Uptrend After Overcoming The $260 Barrier

Dec 21, 2023 at 11:42 // Price
Author
Coin Idol

The price of Binance Chain Native Token (BNB) has resumed its uptrend after breaking above the overhead resistance of $260.  Price Analysis by Coinidol.com.

BNB price long-term forecast: bullish

Since November 6, the resistance at $260 has halted the upward movement. At the time of writing, the cryptocurrency has reached a high of $270.70. If the uptrend continues, the market will reach the highs of $300 and $315.

However, on November 21, the altcoin reached a high of $274 before falling again. BNB fell well below the moving average lines. Today, BNB has recovered and is approaching recent highs.

BNB indicator reading

On both charts, the BNB price bars are above the moving average lines, indicating that the cryptocurrency is developing upward momentum again. The 21-day simple moving average has crossed above the 50-day simple moving average, indicating a bullish crossover. Traders are expected to place bullish orders as the altcoin regains momentum.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

BNBUSD (Daily Chart) –Dec.21.jpg

What is the next direction for BNB/USD?

The digital asset breaks above the overhead resistance at $260 and continues its uptrend. The break above the overhead barrier is the third attempt to restore the uptrend. The uptrend continues and aims to break through the previous high of $270.

BNBUSD (4-hour Chart) –Dec.21.jpg

Disclaimer. This Analysis and forecast are the personal opinions of the author and 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.

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