Binance Coin (BNB) is currently facing significant selling pressure as it hovers around the $890 mark. After successfully breaking above key moving average lines, the cryptocurrency has resumed its bullish trajectory. However, it remains constrained within a defined range, trading above the $800 support level while unable to breach the $920 resistance threshold.
Since November 21, BNB has demonstrated a tendency to fluctuate within this range. Buyers have struggled to maintain momentum above the $920 barrier, which poses a critical resistance point. Should BNB manage to break through this level, it may potentially reach the $1,000 mark, with further bullish momentum possibly pushing the price as high as $1,120.
Currently priced at $886.70, BNB”s short-term outlook remains contingent on its ability to hold above the 50-day Simple Moving Average (SMA). If the price retraces but remains above this support, bullish momentum is likely to persist. Conversely, a drop below the 50-day SMA could reverse its current trend, leading to a return to the previous price range above $800.
On the 4-hour chart, BNB”s price bars are positioned above the upward-sloping moving average lines, signifying a bullish trend. Nevertheless, the immediate future for BNB/USD appears uncertain. The altcoin”s price is currently situated above the $820 support level but continues to struggle beneath the $920 resistance. The trajectory in the upcoming sessions will largely depend on whether buyers can maintain the price above the moving average lines. A decline below these lines would indicate a bearish trend for BNB.
This analysis reflects personal opinions and is based on collected data, not company-sponsored content. Investors are encouraged to conduct thorough research before making any financial decisions regarding cryptocurrency.
