BINANCE (BNBUSD) Price: Buyers Dominate Market, Aiming at $364 Resistance Level

BINANCE (BNBUSD) Price: Buyers Dominate Market, Aiming at $364 Resistance Level

BNBUSD Price Analysis – February 19

In case the buyers were able to push the price above the resistance level of $311 and the daily candlestick close above the level, then, the price may incline further to test $364 and $400 resistance level. Inability to break up the resistance level of $311, the price may decline to the support levels at $196, $98 and $142.

GBP/JPY Market
Key levels:

Supply levels: $311, $364, $400

Demand levels: $254, $196, $142

BNBUSD Long-term trend: Bullish

BNBUSD is bullish on the long-term outlook. At the initial stage of trading in the BNBUSD market last week, the price was consolidating at $142 price level. The coin broke out of the consolidation zone on February 17. The bulls pushed up the price to break up the resistance levels of $196, $264. More momentum was acquired by the bulls today and bullish pressure pushes the coin to reach a high of $364. The bears quickly react to this sudden increase and the price was pushed down to $311 price level.

BNBUSD Daily chart, February 19

The crypto is trading at a distance above 21 periods EMA and the 9 periods EMA. The latter is above the former as a sign of strong bullish momentum. The Buyers’ pressure is increasing with the formation of strong and massive daily candle and further price increase is envisaged. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal. In case the buyers were able to push the price above the resistance level of $311 and the daily candlestick close above the level, then, the price may incline further to test $364 and $400 resistance level. Inability to break up the resistance level of $311, the price may decline to the support levels at $196, $98 and $142.

 BNBUSD medium-term Trend: Bullish

The bulls continue ruling the BNB market throughout last week and this week. The bulls’ strength is increasing sporadically, penetrating the resistance levels. At the moment, the price of BNBUSD is trying to break up the resistance level of $311. The price level of $364 is the target currently.

BNBUSD 4-hour chart, February 19

The RSI indicator period 14 is above 80 levels and the signal lines pointing up to indicate a strong 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.