Nov 09, 2023 at 09:32 // Price AuthorCoin Idol The price of Binance (BNB) has resumed its climb after breaking through the $235 resistance. Binance Coin Price Long-Term Prediction: Bullish The bears have delayed the current...
The price of Binance (BNB) has resumed its climb after breaking through the $235 resistance.
Binance Coin Price Long-Term Prediction: Bullish
The bears have delayed the current rise at the recent high. Nonetheless, the current upswing ended at a high of $255.70 on November 6. Binance coin price has retraced and held above $243 in preparation for an upward push. BNB is looking to retest or surpass the previous high. Bullish momentum is hitting resistance at the $252 high.
Meanwhile, a retraced candle approached the 78.6% Fibonacci retracement line of the November 7 rise. The retracement suggests that BNB will rise and reach the previous high before reversing at the 1.272 Fibonacci extension or $269.50. If the bullish scenario is invalidated, BNB will fall above the critical support at $235.00. However, if the critical support level is broken, BNB/USD will fall back to the previous range between $203 and $220.
BNB Indicator Reading
Technical indicators:
Key support levels – $200, $150, $100
What is the Next Direction for BNB/USD?
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.