Binance (BNBUSD) Price; Bears or Bulls, Who Will Prevail?

Binance (BNBUSD) Price; Bears or Bulls, Who Will Prevail?

BNBUSD Price Analysis – March 19

There is a possibility for the price to break out at the support level of $254 which may lead to further price decrease to $196 and $142. In case the support level of $254 holds, continuation of upward movement is possible, resistance levels of $311, $364 and$450 will be the target.

BNB/USD Market
Key levels:

Supply levels: $311, $364, $450

Demand levels: $254, $196, $142

BNBUSD Long-term Trend: Ranging

The bulls’ momentum is weak and the continuation of price increase is halted. In other words the coin is in the ranging mode. The crypto was under the bulls’ control last week and this led the price to increase to the resistance level of $311. The resistance level holds the price and could not break through due to weak momentum. Likewise, the bears were unable to penetrate the support level of $254. Thus, consolidation movement began.

BNBUSD daily chart, March 19 

The coin is trading in between the 9 periods EMA and the 21 periods EMA while the two EMAs are close to each other as a sign of low momentum. There is a possibility for the price to break out at the support level of $254 which may lead to further price decrease to $196 and $142. In case the support level of $254 holds, continuation of upward movement is possible, resistance levels of $311, $364 and$450 will be the target. The relative strength index period 14 is not displaying a specific direction as the signal line is parallel to the level at 60 levels.

BNBUSD medium-term Trend: Ranging

BNBUSD is ranging in the 4-hour chart. It was the turn of the bears rejecting a further price increase last week. The price resume consolidation again after few days of upward movement. The bulls and the bears seems to have equilibrium momentum.

BNBUSD 4-hour chart, March 19

The price is trading around and over the 9 periods EMA and 21 periods EMA as a sign of ranging market. The Relative Strength Index period 14 is pointing up at 50 levels indicate a buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.