BNB (BNBUSD) Price Awaits a Breakout

 BNBUSD market ranges between $254.2 and $236.9

BNBUSD Price Analysis 04 August

If sellers continue to gain momentum, BNB might decline to its most recent lows of $219.1 and $209.0 before closing below the critical $236.9 mark. If buyers can hold the $236.9 support level, the $254.2 resistance level can be broken higher, testing the $276.5 and $286.4 resistance levels.

BNB/USD Market

Key levels:

Supply levels: $254.2, $276.5, $286.4

Demand levels: $236.9, $219.1, $209.0

BNBUSD Long-term Trend: Ranging

The daily chart for BNBUSD exhibits a range actions. A double-bottom chart pattern has developed as a result of the BNB’s price movement. At the $219.1 support level, a bullish reversal chart pattern began to take shape. A bullish trend started when BNB tested the previously indicated level twice on June 12 and June 28. As soon as the bulls started exerting greater pressure, buyers entered, but the bears were resisting the movement. The price has varied between $254.2 and $236.

When the 9-period and 21-period exponential moving averages interlocked, a range movement was observed. The BNB price aims to outperform the two EMAs. If buyers can hold the $236.9 support level, the $254.2 resistance level can be broken higher, testing the $276.5 and $286.4 resistance levels. If sellers continue to gain momentum, BNB might decline to its most recent lows of $219.1 and $209.0 before closing below the critical $236.9 mark.

BNBUSD medium-term Trend: Ranging

Ranging movement continues in the 4-hour time frame. The double bottom chart pattern first showed at a price of $219.1 on June 12, indicating that buyers will likely seize control of the market. After the forced price test at the $254.2 barrier level, the purchasers’ enthusiasm waned. Between $254.2 and $236.9, price movement started to oscillate in a consolidation pattern.

As it trades close to the 9- and 21-period exponential moving averages, BNB is currently trading in a range. When the relative strength index period 14 signal line is heading up at level 46, a purchase is implied.

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