BNBUSD Price Analysis – February 18
In case the bulls are able to push the daily candle above the $448 resistance level, the price may increase to $516, penetrate it, and expose the price to the $581 resistance level. Should there be a breakdown of the support level of $397, then $329 and $256 support level may be tested.
BNB/USD Market
Key levels:
Supply levels: $448, $516, $581
Demand levels: $397, $329, $256
BNBUSD Long-term Trend: Ranging
On the long-term outlook, BNBUSD is on the ranging mode. The buyers are yet to gain more pressure to break up the resistance level of $448. In the same way, the sellers’ pressure is lower compare to the strength of the support at $397. This is what make the coin continue to consolidating within the resistance level of $448 and support level of $397. Nevertheless, breakout is imminent and that may be to the south or north.
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 are able to push the daily candle above the $448 resistance level, the price may increase to $516, penetrate it, and expose the price to the $581 resistance level. Should there be a breakdown of the support level of $397, then $329 and $256 support level may be tested. The relative strength index period 14 is pointing up at the 48 levels as a symbol of buy.
BNBUSD medium-term Trend: Ranging
Binance coin is ranging on the 4 hour chart. The Crypto was bearish till the end of January. The support level of $329 was tested. The bears’ momentum became weak and the price could not penetrate the mentioned support level downside. The Bulls were able to break up the resistance level of $397 and moved towards the resistance level of $448. The ranging movement commences again till the moment of writing this report.
The 9 periods EMA and the 21 periods EMA are interlocked and the coin is trading around the two EMAs to indicate that consolidation is in progress.
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