Binance (BNBUSD) Price: Ranging Movement Continues Within $311 and $254 Price Level 

9 July 2021 | Updated: 9 July 2021

BNBUSD Price Analysis – July 09

In case the bulls were able to push the daily candle above the $311 resistance level, the price may increase to $364, penetrate it, and expose the price to the $420 resistance level. Should there be a breakdown of 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

On the long-term outlook, BNBUSD continue on the ranging mode. The buyers are yet to gain more pressure to break up the resistance level of $311. In the same way, the sellers’ pressure is lower compare to the strength of the support at $254. This is what make the coin continue to consolidating within the resistance level of $311 and support level of $254. Nevertheless, breakout is imminent and that may require a radical events.

BNBUSD Daily chart, July 09

The two EMAs are coming closer together, parallel to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. In case the bulls were able to push the daily candle above the $311 resistance level, the price may increase to $364, penetrate it, and expose the price to the $420 resistance level. Should there be a breakdown of the support level of $254, then $196 and $147 support level may be tested. The relative strength index period 14 is parallel to the 50 levels as a symbol of consolidation.

BNBUSD medium-term Trend: Bearish

Binance coin is bearish on the 4 hour chart. Yesterday, the Bulls were able to break up the resistance level of $311 and moved towards the resistance level of $364, along the way, the bears interrupted the price increase with the formation of bearish engulfing candle and followed with more bearish candles. The price decline and penetrate the dynamic support levels.

BNBUSD 4 hours chart, July 09

The 9 periods EMA is below the 21 periods EMA and the coin is trading below the two EMAs to indicate that the coin is under the bearish control.

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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.