BNB Rises but Confronts the Barrier at $620

BNB/USD Price Long-term Trend: Ranging

BNB’s price is rising but confronts barrier at $620. This is the second time BNB’s price has been rejected at the $620 high. On June 15, the cryptocurrency price reached a high of $632 but then fell to a low of $536. For the past three months, the cryptocurrency has fluctuated between $530 support and $620, below the resistance level.

Currently, the BNB price has been rejected at the $620 peak. On the upside, if buyers break through the $620 barrier, the rally might reach $720. If BNB fails to break above $620, the range bound movement will continue between the $530 support and the $620 resistance. BNB is currently worth $610.

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

Daily Chart Indicators Reading:

The 21-day SMA and the 50-day SMA both show an upward slope, indicating an upward correction. On the 4-hour chart, the moving average lines are in a steady rise. However, the price movement has been constrained by the $620 high-level barrier. The extended candlestick wicks above the $620 high point to significant selling pressure near the current high. BNB will continue to rise as long as it remains above the moving averages.

General Outlook for BNB

BNB has continued in a positive trend but confronts the barrier at $620. The cryptocurrency price is hovering above the moving averages but below the $620 high. The cryptocurrency price is oscillating between the $596 support level and the $620 high. However, selling pressure will begin when sellers drive the price below the moving average lines.

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