BNB (BNBUSD) Price: Bullish Movement May Commence

Bulls’ momentum increase in BNB market

BNBUSD Price Analysis 15 September

The $219.2 resistance level can be broken higher, providing a challenge to the $237.0 and $254.2 resistance levels, if buyers can hold the $204.9 support level. If sales continue at the current rate, BNB might fall to its most recent lows of $204.9 and $187.3 before closing below the crucial $167.9 level.

BNB/USD Market

Key levels:

Supply levels: $219.2, $237.0, $254.2

Demand levels: $204.9, $187.3, $167.9

BNBUSD Long-term Trend: Bearish

BNBUSD maintains a bearish trend. The coin has been under the bears’ control since last month. The support level of $203.9 was tested first on August 23. Since then, the sole range in which prices altered is from $219.2 to $204.9. It pulled back to test the $237.0 but sellers gained more momentum and pushed the price to test the $204.9 second time on September 11. Yesterday, buyers were trying to defend the support level of $204.9 meaning that bulls are attempting to rule over bears.

 

The currency pair has broken below both the 9-period and 21-period exponential moving averages, indicating a negative trend. The $219.2 resistance level can be broken higher, providing a challenge to the $237.0 and $254.2 resistance levels, if buyers can hold the $204.9 support level. If sales continue at the current rate, BNB might fall to its most recent lows of $204.9 and $187.3 before closing below the crucial $167.9 level.

 BNBUSD medium-term Trend: Bearish

Within the next four hours, the trend may still be bearish. The significance of the double bottom chart pattern, which first appeared at the $219.2 support level, was missed as the bears gained momentum. Initial signs suggested that buyers would likely take over the market. The buyers’ enthusiasm increased after the forced price test at the $204.9 barrier level. The price is currently aiming to surpass the $219.2 threshold.

Both the 9- and 21-period exponential moving averages are currently being traded above by BNB. The relative strength index period 14 signal line heading upward at level 52 indicates a buy.

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