Binance (BNBUSD) Price Breakout Pending; Ranging Within $29 and $26 Price Levels

BNBUSD Price Analysis – October 10

Further increase in the bulls’ pressure may break up the $29 resistance level; this may lead the price to the resistance levels at $31 and $35. On the downside, the bears may break down the support level at $26, down to the next levels at $24 and $22.

BNB/USD Market

Key levels:

Supply levels: $29, $31, $35
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Ranging

The crypto is bullish in the daily chart. The price found support at the $22 price level on September 23. The bulls took over the market with the formation of a bullish engulfing candle; the price increases to $29 after it broke up the $26 price level. The resistance level at $29 has been holding the price. The price has touched the resistance level three times but unable to break it up. In the same way, the support level of $26 remains strong against bears’ pressure at the moment and the price resulted in ranging movement within the level.

The price is struggling to break up the resistance level at $29 while it remains above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. Further increase in the bulls’ pressure may break up the $29 resistance level; this may lead the price to the resistance levels at $31 and $35. On the downside, the bears may break down the support level at $26, down to the next levels at $24 and $22. However, the relative strength index period 14 is at 50 levels bending up to indicate a further increase in price.

BNBUSD medium-term Trend: Ranging

BNBUSD is on the ranging movement. The Crypto is range-bound within the $29 resistance level and $26 support level. The scenario commenced when the price tested the resistance level of $29 on October 01 but could not penetrate the level, it pulled back to test the support level at $26. The price is currently testing the $29 price level the third time.

The crypto is trading above the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 is pointing up above 60 levels which connotes buy signal.