Binance Coin (BNBUSD) Price Is Heading Towards Support Level at $142

Binance Coin (BNBUSD) Price Is Heading Towards Support Level at $142

BNBUSD Price Analysis – March 05

Further decrease in price is envisaged and the support level at $196 is likely to be tested. The breaking down of the just mentioned level will expose the coin to $142 and $117 price level. In case the decrease in price is interrupted by the bulls, the price may reverse and face the resistance levels at $254, $311, and $364.

BNB/USD Market
Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish

The price increased to $364 resistance level on February 19. The bullish pressure pushes the coin to test the resistance level at $364 but unable to increase above level. On February 20, a strong and massive bearish candle emerges that breaks down the former support level of $254, price retracement was carried out the following day. The bulls gathered momentum and push the price to retest the $254 price levels but unable to penetrate. BNB price is heading towards the support level at $196.

BNBUSD Daily chart, March 05

The 9 periods EMA is above the 21 periods EMA and the coin is trading between the two EMAs as a sign of a bearish trend. Further decrease in price is envisaged and the support level at $196 is likely to be tested. The breaking down of the just mentioned level will expose the coin to $142 and $117 price level. In case the decrease in price is interrupted by the bulls, the price may reverse and face the resistance levels at $254, $311, and $364.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. BNB price action is trying to complete the formation of “M” chart pattern. In other words, the price is bearish in the medium-term. BNBUSD is decreasing towards the support level of $196. If the candle breaks and close below it, then, the price may test the support level at $142 within a short period of time.

BNBUSD 4-hour chart, March 05

The price is trading below the 9 periods EMA and 21 periods EMA couple with the Relative Strength Index period 14 pointing down at 40 levels indicate that the bearish trend may continue.

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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.