Binance (BNBUSD) Price; In case Resistance Level at $31 Holds, Price May Reverse

BNBUSD Price Analysis – October 24

The price breakup at the resistance level of $31 will expose the price to the resistance level of $33 and $35. Likewise, the breakdown of the support level at $29 will reduce the price to the support level at $26 and $24.
BNB/USD Market
Key levels:
Supply levels: $31, $33, $35
Demand levels: $29, $26, $24

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the daily chart. The cryptocurrency was under the pressure of the bulls and the price increase and tested the resistance level of $31 on October 15. The price retraced to retest the support level at $26. The support level holds and the price bounced back to resume bullish movement. The resistance level of $31 was tested a second time on October 22. Since then, the price has been ranging around the mentioned resistance.

The price was struggling to break up the resistance level at $31; it remains below the resistance level at the moment. Though, the price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish momentum. The price breakup at the resistance level of $31 will expose the price to the resistance level of $33 and $35. Likewise, the breakdown of the support level at $29 will reduce the price to the support level at $26 and $24. However, the relative strength index period 14 is at 60 levels parallel to it indicating that price is consolidating.

BNBUSD medium-term Trend: Bullish

BNBUSD is bullish in the 4-hour chart. The soaring of the price to the resistance level at $31 last week by the bulls was slowed down due to the opposition from the bears. The price reversed to retest the support level at $29. The mentioned level holds and the price increases towards the previous high.

The Crypto is trading above the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 is pointing down at 50 levels which connote a sell signal.