The BNB cryptocurrency has been experiencing a range-bound trend since February 6, with prices fluctuating between $574 and $669. The 21-day Simple Moving Average (SMA) is currently acting as resistance to the price bars, indicating that the price may be in a consolidation phase.
According to technical indicators, if buyers are able to break through the 21-day SMA barrier, the altcoin could rise to a high of $760 or encounter resistance at the 50-day SMA. On the other hand, if buyers are unable to close above the 21-day SMA, the cryptocurrency is likely to reverse and continue its sideways movement.
The price action is dominated by Doji candlesticks on the 4-hour chart, indicating limited price movement. The 21-day and 50-day SMAs have both declined to $610, which could be a key level for support or resistance in the future.