Binance (BNBUSD) Price; Pre-Election Breakdown of $29 Price Level to Monthly Lows

Binance (BNBUSD) Price; Pre-Election Breakdown of $29 Price Level to Monthly Lows

BNBUSD Price Analysis – October 30

The price is targeting the support level at $26, if it does not hold the coin will reduce to support level at $24 and $22. In case the $26 price level, it may bounce and increase towards the resistance levelsat$29,$31, and $33.

BNB/USD Market
Key levels:

Supply levels: $29, $31, $33
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the daily chart. The coin was under the control of the bulls last week. The bullish momentum pushes the price to the resistance level of $31 on October 15. The price pulled back and retest the support level of $29. The coin was prevented from penetrating the level and the bulls pushed it up to test the resistance level at $29 second time on October 28. The price falls and penetrates the support level at $29.

BNBUSD Daily chart, October 30

The coin has penetrates the dynamic support level downside with the formation of a strong bearish candle. The 9 periods EMA is crossing the 21 periods EMA downside to establish the bearish movement. The price is targeting the support level at $26, if it does not hold the coin will reduce to support level at $24 and $22. In case the $26 price level, it may bounce and increase towards the resistance levelsat$29,$31, and $33. The relative strength index period 14 is bending down at 40 levels which indicates a sell signal.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD is bearish. The price action has formed a chart pattern called “Double Top”; this is a bearish chart pattern and this is what makes the price declining towards the support level of $26. The former support level of $29 has turned to a resistance level in the 4-hour chart.

BNBUSD 4 hour chart, October 30

The 9 periods EMA has crossed the 21 periods EMA downside and the coin is trading below the two EMAs. The Relative Strength Index period 14 is pointing down to indicate a sell signal.

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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.