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

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.

BNBUSD Daily chart, October 10

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.

BNBUSD 4-hour chart, October 10

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.

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