BINANCE (BNBUSD) Tests $44 Price Level Twice, It May Fall

BINANCE (BNBUSD) Tests $44 Price Level Twice, It May Fall

BNBUSD Price Analysis – January 22

An increase in the sellers’ pressure may push the price below the support level of $36 and the daily candlestick may close below the level, the price will decline further to test the $31 and $27 support level. Inability to break down the support level of $36, the bullish trend may continue to target the resistance levels at $41, $44, and $48.

GBP/JPY Market
Key levels:

Supply levels: $41, $44, $48
Demand levels: $36, $31, $27

BNBUSD Long-term trend: Bearish

BNBUSD is bearish in the daily chart. The price soars towards the resistance level of $44 after it breaks up the resistance levels of $37 and $41. The price pulled back to retest the broken level of $31. The bulls increased the price and the resistance level of $44 is tested a second time but unable to penetrate the level. The bears are taken over the BNBUSD market as the bearish candles are forming.

BNBUSD Daily chart, January 22

The price has penetrated the dynamic support levels of 21 periods EMA and the 9 periods EMA downside and the coin is trading below the two EMAs which connotes the gradual increase of the bears’ momentum. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal which may be a pullback. An increase in the sellers’ pressure may push the price below the support level of $36 and the daily candlestick may close below the level, the price will decline further to test the $31 and $27 support level. Inability to break down the support level of $36, the bullish trend may continue to target the resistance levels at $41, $44, and $48.

BNBUSD medium-term Trend: Bearish

The bulls’ momentum is gradually increasing in the BNBUSD market and the bears’ pressure is decreasing in the 4-hour chart. Last week. The coin tested the support level of $36 at the early stage of today’s market. A pin bar candle pattern is formed and the price started increasing towards the $41 price level.

BNBUSD 4 hour chart, January 22

The 9 periods EMA is trying to cross the 21 periods EMA upside while the coin is trading above the two EMAs which connotes an increase in the bulls’ momentum. The RSI indicator period 14 is above 40 levels and the signal lines bending up to indicate a buy 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.