Binance Chain Native Token (BNB) Price Long-Term Forecast: Ranging

The price of Binance Chain Native Token (BNB0 has fallen below the moving average lines after being rejected at the high of $612.50 on October 31.

Binance Chain Native Token (BNB) price dropped below the moving averages after being resisted at the high of $612.50 on October 31. The cryptocurrency dropped to a low of $570 before recovering.

BNB price long term analysis: ranging

Moreover, the current price action suggests that BNB is trading in a narrow range between the support of $540 and the resistance of $620. If the price breaks into the lower price range, the bulls will buy the dips and continue the ranging move. The bulls are holding the current support at $540. Today, the uptrend may continue but the altcoin will be resisted at the moving averages.

In a recent price action, the rally was hindered by the resistance at $600. Meanwhile, the altcoin is trading below the moving averages which indicates a trend of bullish exhaustion. BNB is trading at the price of $575.

BNB indicator analysis

On October 31, BNB price bars dropped below the moving averages. The bulls are holding the $540 support, thereby preventing the altcoin from further sliding down. The price bars are below the moving averages indicating further bearish exhaustion for the cryptocurrency.

Technical indicators:

Resistance levels – $600, $650, $700

Support levels – $400, $350, $300

What's the next move for BNB/USD?

BNB will continue its ranging move as it drops below the moving averages. Currently, the altcoin is bearish as it approaches the lower price support of $540. However, doji candlesticks are making the price action to be slow. If the altcoin drops above the price range, a ranging trend will begin.

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