Binance (BNBUSD) Price Is Ranging Within $311 and $254 Price Level

Binance (BNBUSD) Price Is Ranging Within $311 and $254 Price Level

BNBUSD Price Analysis – July 02

When the daily candle closes above the $311 resistance level, the price may increase to $364, penetrate it, and expose the price to the $420 resistance level. If it breaks down the support level of $254, then $196 and $147 support level may be tested.

BNB/USD Market

Key levels:

Supply levels: $311, $364, $420

Demand levels: $254, $196, $147

BNBUSD Long-term Trend: Ranging

BNBUSD is on the ranging mode in the long-term outlook. The coin has been bearish for more than three weeks in the daily chart. The price sparked and rally towards the resistance level of $311 on June 23 but suddenly dropped to the support level of $254. The resistance level of $311 has been preventing an increase in price, likewise, the support level of $254 is been defended by the bulls and this led to the ranging of the price within $311 and $254 price level.

BNBUSD Daily chart, July 02

 

The two EMAs are coming close together, parallel to each other and the price is trading over the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. When the daily candle closes above the $311 resistance level, the price may increase to $364, penetrate it, and expose the price to the $420 resistance level. If it breaks down the support level of $254, then $196 and $147 support level may be tested. The relative strength index period 14 is parallel to the 40 levels as a symbol of consolidation.

BNBUSD medium-term Trend: Ranging

The Bulls are unable to break up the resistance level of $311 when the price was pushed to test the level last week. In the same way, the bears could not break down the support level of $254 when it was tested. The price commences ranging movement within the $311 and $254 price level.

BNBUSD 4 hour chart, July 02

The 9 periods EMA is interlocked to the 21 periods EMA and the coin is trading around and over the two EMAs to indicate that consolidation is in progress. The Relative Strength Index period 14 is not displaying a specific direction.

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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.