Binance Coin market awaiting a breakout
BNBUSD Price Analysis – 05 May
Binance Coin may hit its most recent highs of $333 and $345 and eventually close at the psychological level of $361 if buyers get further traction. The $314 support level can be broken on the downside, probing the $300 and $286 support levels, if sellers are able to hold off against the $333 resistance level
BNB/USD Market
Key levels:
Supply levels: $333, $345, $361
Demand levels: $314, $300, $286
BNBUSD Long-term Trend: Bullish
On the long-term outlook, BNBUSD is bullish. When Bitcoin reached a high of $345 on March 18, a bearish trend got underway. As the bullish trend slowed, sellers took control of the market. Prior to falling beyond the $314 level of support, the price floats in a range for a few days. The $300 level was put to the test as the bearish trend intensified. The bulls’ drive restarted the price’s regression toward the $333 mark. The price seems to be heading toward the $345 level if the $333 level permits. The price is currently consolidating between $333 and $314 level.
A bullish swing is indicated by the upward crossover of the 21-period EMA by the 9-period EMA. The price of Binance Coin is currently oscillating between the two EMAs. Binance Coin may hit its most recent highs of $333 and $345 and eventually close at the psychological level of $361 if buyers get further traction. The $314 support level can be broken on the downside, probing the $300 and $286 support levels, if sellers are able to hold off against the $333 resistance level.
BNBUSD medium-term Trend: Ranging
Binance Coin is ranging on the 4-hour chart. When the price was forced to test the $345 resistance level, the buyers lost momentum. Eventually, the bullish climb came to an end. Both a bearish engulfing candle pattern and a bearish reversal candle pattern were present. Prices progressively moved closer to $314, but the sellers’ momentum waned, and prices are now retracing toward the previous high at $345.
Binance Coin is currently trading over and around the 9- and 21-period exponential moving averages, indicating a ranging market. When the signal line is pointing up at 55 levels, the relative strength index period 14 signals a buy.
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