BNBUSD Price Analysis – April 22
Binance Coin may continue a bullish movement in case the support level of $398 holds. When the daily candle close above the $456 level, the resistance levels of $516and $581 may be tested. Ability to propel the price below $398 level by the bears may leads to bearish movement towards $329 and $257 levels.
BNB/USD Market
Key levels:
Supply levels: $456, $516, $581
Demand levels: $398, $329, $257
BNBUSD Long-term Trend: Bullish
BNBUSD is bullish on the long-term outlook. Binance Coin change direction to bullish when the price declined to reach the support level of $329. On February 24, a chart pattern called ‘double bottom’ appeared. The price followed the direction of the chart pattern and increases to break up the former resistance level of $398. The bullish pressure extends to $456 resistance level where it is currently pulling back to retest the support level of $398.
The Binance Coin is trading below the two EMAs which indicate that price is carrying out a retracement. The fast moving EMA (9 periods) has crossed the slow moving EMA (21 periods) downside. Binance Coin may continue a bullish movement in case the support level of $398 holds. When the daily candle close above the $456 level, the resistance levels of $516and $581 may be tested. Ability to propel the price below $398 level by the bears may leads to bearish movement towards $329 and $257 levels.
BNBUSD medium-term Trend: ranging
Binance coin is on the ranging movement on the 4 hour chart. The buyers lose momentum over the Binance coin at the resistance level of $457 on April 05. The coin bounces towards south testing the support level of $398. The just mentioned level holds and the price commences a ranging movement within $398 and $456 levels.
The Binance Coin is hovering around the 9 periods EMA and 21 periods EMA which indicate that buyers’ and sellers’ are at equilibrium.
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