Binance Coin (BNBUSD) Price Is Range-bound Within $44 and $40 Levels

30 January 2021 | Updated: 30 January 2021
BNBUSD Price Analysis – January 30

An increase in the bulls’ pressure may break up the resistance at the level of $44 which may increase the price to $47 and $51 support level. In case the resistance level at $44 is defended by the bears, the coin may face barriers at $40, $36, and $31

BNB/USD Market
Key levels:

Supply levels: $44, $47, $52
Demand levels: $40, $36, $31

BNBUSD Long-term Trend: Bullish

The Crypto is bullish in the daily chart. Seller’s pressure has pushed the price to a significant support level of $36 on January 22. The coin was bearish on the daily time that very week. A bullish reversal candle pattern emerges called Doji evening star at the same resistance level. This is the major reason why the price increases suddenly to the resistance level at $51 with the formation of the unstable market which leads to the formation of daily long-tailed daily candles.

BNBUSD Daily chart, January 30

The crypto is trading above the 9 periods EMA and the 21 periods EMA with the formation of many long-tailed Doji daily candles; this indicates an unstable market. An increase in the bulls’ pressure may break up the resistance at the level of $44 which may increase the price to $47 and $51 support level. In case the resistance level at $44 is defended by the bears, the coin may face barriers at $40, $36, and $31 resistance level.

BNBUSD medium-term Trend: Ranging

BNB price is on the ranging mode in the 4-hour chart. The bearish momentum pushes the crypto to taste the support level of $36 on January 22. A pin bar daily candle formed and this triggers the bullish movement in the BNB market. The price increases to test the $47 level. The price is currently constrained between the $44 and $40 level.

BNBUSD 4 hour Chart, January 30

The crypto is trading over and around the 9 periods EMA and 21 periods EMA which indicates that consolidation is in progress in the BNB market and the Relative Strength Index period 14 pointing down above 50 levels indicates a sell signal.

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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.