Binance Coin (BNB) price prediction: bearish

The price of Binance Chain Native Token (BNB) fell to a low of $500 but the bulls bought the dips.

The price of Binance Chain Native Token (BNB) fell to a low of $508 but the bulls bought the dips. As a result, BNB is correcting higher as it attempts to reverse its decline. However, BNB could fall further to the $440 low if it encounters rejection at the current resistance.

For the past week, BNB has been trading in a limited range of $520 to $580. The Fib Pivot Point levels indicate that the cryptocurrency could find support at $520 and resistance at $580. Furthermore, the Fib Pivot Point levels suggest that BNB might hit the $440 low and the $600 high.

At the moment, BNB is correcting higher as it attempts to reverse its decline. If BNB continues to be rejected at the current high, selling pressure will continue. On the other hand, if buyers can push the price above the current high, then BNB could retest the moving average lines.

As BNB falls, it could find support at the lower levels of Fib Pivot Point. If BNB breaks below this support, then it could continue to fall to the next support level at $400. However, if BNB can rise above the current high, then it could continue to rise to the next resistance level at $600.

BNB price analysis: Long-term prediction for BNB/USD

Bearish momentum broke below the previous low of $558 but then pulled back to retest it. This suggests that the sellers are exhausted and the buyers might take over.

On a positive note, the selling pressure is likely to stop if buyers keep the price above the resistance that served as the last support. To retest the moving average lines, BNB will rise.

However, BNB could fall further to the $440 low if it encounters rejection at the current resistance, which would increase selling pressure.

In addition, the price bars are below the moving average lines. The altcoin has fallen as a result of a bearish crossover between the moving average lines.

If BNB continues to be rejected at the current high, selling pressure will continue. On the other hand, if the bulls can push the price above the current high, then BNB could retest the MA lines, which would reduce selling pressure and increase buying pressure.

Technical indicators:  

Key Resistance Levels – $600, $650, $700

Key Support Levels – $400, $350, $300

What is the next direction for BNB/USD? 

The cryptocurrency is oscillating below the moving average lines and above the $520 support. The altcoin is attempting to get back on track. The 21-day SMA has rebuffed the bullish momentum. If the bearish momentum continues, BNB will fall to the Fib Pivot Point support at $520.

On the other hand, if the bulls can push the price above the current high, then BNB could continue to rise to test the Fib Pivot Point resistance at $580. A successful break above this level could open the door for a move to the next resistance level at $600.

BNB is currently trading at $540.64 and is down 0.36% for the 24-hour period. The cryptocurrency is up 11.42% for the seven-day period.

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