BNBUSD Price Analysis – March 18
In case the daily candle close above the $397 resistance level, the price may increase to $448, penetrate it, and expose the price to the $516 resistance level. Should it breaks down the support level of $329, then $256 and $147 support level may be tested.
BNB/USD Market
Key levels:
Supply levels: $397, $448, $516
Demand levels: $329, $256, $147
BNBUSD Long-term Trend: Ranging
BNBUSD is on the ranging mode in the long-term outlook. The ranging movement continues in the Binance Coin market. The bulls’ momentum is at equilibrium with the Bears’ momentum. The resistance level of $397 remains on hold and the support level of $329 has not given way for the price. The coin has been on the ranging movement for more than three weeks in the daily chart. The price is awaiting a spark to rally towards south or north.
The two EMAs are interlocked to each other, and the price is trading over and around the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. In case the daily candle close above the $397 resistance level, the price may increase to $448, penetrate it, and expose the price to the $516 resistance level. Should it breaks down the support level of $329, then $256 and $147 support level may be tested. The relative strength index period 14 is parallel to the 51 levels as a symbol of ranging market.
BNBUSD medium-term Trend: Ranging
The Bulls pressure remains weak and this make it unable to break up the resistance level of $397. When the price was pushed to test the support level of $329 last week, in the same way, the bears could not break down the just mentioned support level. The price continues a ranging movement within the $397 and $329 price level.
The 9 periods EMA is interlocked to the 21 periods EMA and the coin is hovering around and over the two EMAs to indicate that consolidation is in progress. The Relative Strength Index period 14 is not displaying a specific market direction.
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