Binance (BNBUSD) Price: Ranging Movement Continues Within $29 and $26 Price Level

Binance (BNBUSD) Price: Ranging Movement Continues Within $29 and $26 Price Level

BNBUSD Price Analysis – November 21

The breakup of the price at the resistance level of $29 and the daily candle closes above the $29 will make the price to reach the resistance levels at $31 and $33. In the same vein, the breakdown and the closing of the daily candle below the support level of $26 will reduce the price to the support level of $24 and $22.

BNB/USD Market
Key levels:

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

BNBUSD Long-term Trend: Ranging

On the long-term outlook, BNBUSD is in the ranging mode. The crypto remains within the range of $29 resistance level and $26 support level. The coin is displaying a lot of whipsaw movement in the daily chart. The bulls are yet to gain enough momentum to break up the resistance level of $29, likewise, the bears have no strength to break down the support level of $26 and the price is trading within the range.

BNBUSD daily chart, November 21

The two EMAs are close to each other, the price is trading over the 9 periods EMA and 21 periods EMA within the range to indicate that consolidation is in progress. The breakup of the price at the resistance level of $29 and the daily candle closes above the $29 will make the price to reach the resistance levels at $31 and $33. In the same vein, the breakdown and the closing of the daily candle below the support level of $26 will reduce the price to the support level of $24 and $22.

BNBUSD medium-term Trend: Ranging

The Bulls pushed the coin to penetrate the resistance level of $29 but they are unable. In the same way, the bears could not break down the support level of $26 when it was tested many times. The price continues its ranging movement within the $29 and $26 price level.

BNBUSD 4-hour chart, November 21

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. However, the Relative Strength Index period 14 is bending down at 50 levels which indicates 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.