BNB Retraces from Its Prior High of $640

KEY TAKEAWAYS

• BNB Battles the resistance at $640
• BNB trades between the range of $500 and $640
• The cryptocurrency asset is expected to rally to the highs of $720 and $740

BNB/USD Price Long-term Trend: Ranging

BNB’s price retraces from its prior high of $640 following a rejection at the recent high. Since June 5, BNB has traded in a range of $500 to $640. The cryptocurrency has stalled its retracement above the moving average lines. The upward trend will resume if the BNB price remains above the 21-day SMA support.

First, buyers will aim to drive the price above the $640 mark. If buyers succeed, BNB will reach highs of $720 to $740. Today, buyers boosted the price to a high of $635. BNB will continue to rise if it overcomes the initial barrier. On the other hand, a break below the moving average line will force the cryptocurrency to fall to a low of above $500. Today, BNB has reached a high of $635.

Technical indicators

Key Resistance Levels: $700, $750, $800
Key Support Levels: $600, $550, $500

Daily Chart Indicators Reading:

The 21-day SMA is above the upward-rising 50-day SMA, indicating an upward correction. BNB will continue to trade sideways for some time since the market is characterized by small, indecisive candlesticks known as Doji. The price bars on the 4-hour chart are higher above the upward-sloping moving average lines.. The 21-day SMA is below the 50-day SMA support, reflecting the prior fall.

General Outlook for Binance Coin (BNB)

The price of BNB retraces from its prior high of $640 on the 4- hour chart. Buyers are hoping to overcome the $640 barrier as the price continues to rise. The increasing trend has stalled below the $640 barrier level.

The cryptocurrency will drop above the moving average lines if it fails to surpass the current high. In the meantime, BNB is retreating from its recent high.

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