Binance Coin (BNBUSD) Price: Buyers’ Pressure Equal Sellers’ Pressure, Awaiting a Breakout

Updated:

BNBUSD Price Analysis – May 20

An increase in the buyers’ pressure will push up the Binance Coin to break the resistance level of $325 which may increase further to $397 and $456 levels. Failure to break up the resistance level of $325 by the bulls, BNBUSD may break down the $256 and bearish trend may continue to the support levels at $209, and $150.

BNBUSD Market

Key levels:

Resistance levels: $325, $397, $456,

Support levels: $256, $209, $150

BNBUSD Long-term trend: Ranging

On the daily chart, Binance coin is on the ranging movement. After the bearish breakout at the former support level of $397 last two weeks, it gives more power to the sellers to push down the crypto to the support level of $209. The bearish momentum was opposed by the bulls with the formation of long tailed pin bar at the support level of $209. Price increased and commences ranging movement within $325 and $256 levels.

The coin is trading between the 9 periods EMA and 21 periods EMA as a symbol of ranging market. This indicate that the bears’ momentum is low in the Binance coin market. The Relative Strength Index period 14 is at 32 levels with the signal lines pointing up to indicate buy signal. An increase in the buyers’ pressure will push up the Binance Coin to break the resistance level of $325 which may increase further to $397 and $456 levels. Failure to break up the resistance level of $325 by the bulls, BNBUSD may break down the $256 and bearish trend may continue to the support levels at $209, and $150.

BNBUSD medium-term Trend: Ranging

BNBUSD is ranging in the 4-hour chart. The price is ranging within the $325 and $256 levels at the moment. The bears’ pressure was opposed at the support level of $209, the price was pushed up above $256 where the buyers’ and sellers’ momentum became equal and consolidation begun.

Binance coin is trading around 9 periods EMA and 21 periods EMA which indicate a low momentum in the binance coin market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.