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

Azeez Mustapha
24 October 2020 | Updated: 24 October 2020
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.

BNBUSD Daily chart, October 24

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.

BNBUSD 4 hour chart, October 24

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.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.