Binance Coin (BNB) Price Analysis: Bulls Buy the Dips as Altcoin Corrects Higher

The price of Binance coin (BNB) has fallen below the moving average lines, hitting a low of $664 on January 19, with bulls buying the dips as the altcoin corrected higher.

Cryptocurrency price analysis for January 2023. Today, the price of Binance coin (BNB) fell below the moving average lines, hitting a low of $664 on January 19, with bulls buying the dips as the altcoin corrected higher.

The price of BNB began the year on a bullish note, rallying from a low of $400 in December to highs of $730 in January. However, the altcoin encountered strong resistance at the moving average lines, stalling its further advance.

From the highs of $730, BNB corrected lower, finding support at the $660 level. Bulls stepped in at this support zone, buying the dips and pushing the altcoin back up to highs of $680.

BNB price long-term forecast: bearish

The bullish momentum has stalled at the moving average lines. BNB is trading above the $660 support but below the moving average lines.

Today, the uptrend has stalled at the moving average lines. A break above the moving average lines will signal the resumption of the positive trend. The altcoin will reach its previous high of $730. BNB will fluctuate above the support level of $660 if it fails to break above the moving average lines.

BNB indicator reading

After the negative trend on January 19, the price bars fell below the moving average lines. There were hardly any price changes when the doji candlesticks appeared. The price bars are between the moving average lines, indicating a likely rangebound move for the cryptocurrency. The altcoin will initiate a trend reversal if either the 21-day or 50-day SMAs are breached.

Key resistance levels – $600, $650, $700

Key support levels – $400, $350, $300

What is the next direction for BNB/USD?

On the 4-hour chart, BNB is fluctuating because it is trapped between the moving average lines. However, the altcoin is at risk of falling as it is trading in a bearish trend zone. A break below the 50-day SMA would mean that the trend has resumed. In the meantime, the altcoin will continue to fluctuate within its current price range.