Binance (BNBUSD) Price Plunges to Technical Support

Azeez Mustapha
23 July 2021 | Updated: 23 July 2021

BNBUSD Price Analysis – July 23

The breakout of the price by the bulls at resistance level of $311 may push the price towards the resistance levels of $364 and $420. In the same way, the breakout at support level of $254 may decrease the price to $196 and $147 levels.

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 on the long-term outlook. The coin is awaiting a radical fundamental events to trigger momentum. It seems the buyers’ momentum increases on July 21 with the formation of daily bullish candles. The bullish pressure is towards the resistance level of $311. However, the buyers’ and sellers’ momentum remain low and the price movement remains within $311 and $254 levels.

BNBUSD Daily chart, July 23

The two EMAs are yet to be separated and the price is trading over and around the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. The breakout of the price by the bulls at resistance level of $311 may push the price towards the resistance levels of $364 and $420. In the same way, the breakout at support level of $254 may decrease the price to $196 and $147 levels. The relative strength index period 14 is above 40 levels exhibiting a bullish signal.

BNBUSD medium-term Trend: Bullish

Binance coin is bullish on the 4 hour chart. Binance Coin was declined to test the support level at $254. The just mentioned level holds and the price bounces towards the $311 resistance level. The crypto is gradually increasing after penetrated the dynamic resistance levels upside. The slow bullish movement may continue provided the bulls’ pressure increases.

BNBUSD 4 hours, July 23

The Binance Coin is trading above 9 periods EMA and 21 periods EMA which indicate that the coin is experiencing low bullish momentum.

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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.