Binance Coin (BNBUSD) Price: Double Bottom Chart Pattern at $219 Level, Bullish Trend May Commence

Bulls will soon dominate BNBUSD Coin market soon

BNBUSD Price Analysis 30 June

The $276 resistance level can be broken on the upside, testing the $286 resistance level, if buyers can hold off against the $254 resistance level. Binance Coin may drop to its most recent lows of $219 and $200 if sellers get additional traction before closing below the $240 psychological level.

BNB/USD Market

Key levels:

Supply levels: $254, $276, $286

Demand levels: $240, $219, $200

BNBUSD Long-term Trend: Bullish

On the daily chart, BNBUSD is Positive. The price action of the Binance Coin has formed a double-bottom chart pattern. This is a bullish reversal chart pattern formed at $219 support level. When Binance Coin tested the just mentioned level twice on 12 June and 28 June, a bullish trend may commence. Buyers may grab over as soon as the bulls intensify their pressure. For a few days, the price fluctuates within a small range of $219 and $239 levels. As the bullish trend grows stronger, pressure on the $254 level will rise.

A bullish swing is indicated by the upward crossover of the 21-period EMA by the 9-period EMA. The price of the Binance Coin is trying to outperforming the two EMAs. The $276 resistance level can be broken on the upside, testing the $286 resistance level, if buyers can hold off against the $254 resistance level. Binance Coin may drop to its most recent lows of $219 and $200 if sellers get additional traction before closing below the $240 psychological level.

BNBUSD medium-term Trend: Bullish

On the four-hour chart, Binance Coin is on a bullish movement. At a price of $219 on June 12, the double bottom chart pattern initially appeared, signaling that buyers are about to take control of the market. The sellers’ interest decreased after the forced price test at the $253 barrier level. Prices are gradually increasing and are now close to $254 as customer demand has increased.

Indicating a bullish market, Binance Coin is now trading below the 9- and 21-period exponential moving averages. Relative strength index period 14 implies a sell when the signal line is pointing down at 46 levels which may be a pullback.

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