Binance Coin (BNB) Bounces in a Range Attempts to Move Up

Binance Coin (BNB) Bounces in a Range Attempts to Move Up

Key Resistance Levels: $22, $26, $30
Key Support Levels: $12, $8, $4

BNB/USD Price Long-term Trend: Ranging
Binance Coin has been trading above the price at $14 since November 22. In retrospect, BNB had been in the bear market since June but was terminated in September. The bull market commenced on October 26 when the bulls broke the resistance line and the price closed above it. However, the bullish trend was short-lived as it was resisted at the price of $22.

BNB dropped again to the previous low above $14. As the coin is consolidating above the support at $14, there is a likelihood of price going up or going down. Nevertheless, if the bears break below $14, BNB will further depreciate to the next support. Also, if the price breaks above $16 and it is sustained the coin will move up to the $22 price level.

BNB/USD - Daily Chart

Daily Chart Indicators Reading:
The price is trending above the resistance line if the bears break below the resistance line, the coin will resume its downtrend move. The RSI period 14 level 33 indicates that the market is approaching the oversold region.

BNB/USD Medium-term bias: Ranging
On the 4-hour chart, BNB fell to the low of $14, and move up to test the resistance line to break it. The bulls made three attempts at the resistance but were resisted and the coin resumed its sideways move above the support. Presently, the price is also testing the support but BNB is bouncing back. The coin is expected to range for a few more days.

BNB/USD - 4 Hour Chart

4-hour Chart Indicators Reading
BNB is trading above the 50% range of the daily stochastic. This implies that the market is in bullish momentum. In the time of volatility, the resistance and support lines are capable of being broken. The SMAs are sloping horizontally meaning that the coin is in range.

General Outlook for Binance Coin (BNB)
The coin is now in a sideways trend as the bearish trend has been terminated. The price will continue to range for a few more days until the coin breaks out of the range. Traders can place pending orders in anticipation of a breakout.

Binance Coin Trade Signal
Instrument: BNBUSD
Order: Buy Limit
Entry price: $14
Stop: $12.50
Target: $22

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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.