Binance (BNBUSD) Price May Breakout at Resistance Level of $28

BNBUSD Price Analysis – October 02

The price may change direction if the daily bearish candle closes below the support level of $26.The bearish momentum may extend to the previous low at $24 and $22 support level. In case the demand level of $26 holds, the bullish trend may continue to $30 and $35 resistance levels.

BNB/USD Market

Key levels:

Supply levels: $28, $30, $35

Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish in the long-term outlook. The market played in the direction of our prediction last week. BNB price broke up the two dynamic resistance levels and the price increases towards the resistance level of $28 as it was predicted. The bulls increase their momentum and the level was penetrated. The price was exposed to the $30 resistance level. The bulls could not sustain their momentum when the bears interrupted the price increase.

A strong daily bearish candle emerged which engulfs the previous candle. The price then drops to the demand level of $26. The two EMAs are directly in contact with the price, it is trying to break down the EMAs.  The price may change direction if the daily bearish candle closes below the support level of $26.The bearish momentum may extend to the previous low at $24 and $22 support level. In case the demand level of $26 holds, the bullish trend may continue to $30 and $35 resistance levels.

 BNBUSD medium-term Trend: Bearish

The crypto is bearish in the 4-hour chart. The “W” chart pattern formed is completed by making the resistance level at $28 its reversal point. The bulls push up the price from $22 price level to $28 price level. The later opposes the increase with the aid of the bears. The price reverse and it is currently testing the $26 demand level.

The crypto is currently trading below the 9 periods EMA and 21 periods EMA as an indication that bears are ready to drive the market. The Relative Strength Index period 14 points up below 60 levels which connotes buy signal.