BNBUSD Price Analysis – April 29
In case the bulls were able to push the daily candle above the $456 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 $400, then $332 and $254 support level may be tested.
BNB/USD Market
Key levels:
Supply levels: $456, $516, $581
Demand levels: $400, $332, $254
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 $456. In the same way, the sellers’ pressure is lower compare to the strength of the support level at $400. This is what make the coin continue to consolidating within the resistance level of $456 and support level of $400. Nevertheless, breakout is imminent and that may require a radical events.
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 $456 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 $400, then $332 and $254 support level may be tested. The relative strength index period 14 is at 48 displaying a bullish signal.
BNBUSD medium-term Trend: Ranging
Binance coin is bearish on the 4 hour chart. Three days ago, the Bulls were able to push up the price to resistance level of $456. 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. It is currently ranging around $398 level.
The 9 periods EMA is interlocked with the 21 periods EMA and the coin is trading around the two EMAs to indicate that the coin is undergoing ranging movement.
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