BNB (BNBUSD) Price: Bulls May Exert Pressure to Break Up $316.2 Level

Azeez Mustapha


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BNB market may still be dominated by buyers

BNBUSD Price Analysis: 12 January

The $335.1 and $356.1 resistance levels could be in peril if buyers holding the $290.0 support level smash the $316.2 resistance level. The recent lows of $263.3 and $237.1 will be tested if $326.2 holds and BNB closes below the key $290.0 level.

BNB/USD Market

Key levels:

Supply levels: $316.2, $335.1, $356.1

Demand levels: $290.0, $263.3, $237.1

BNBUSD Long-term Trend: Bearish

The daily BNBUSD chart shows a downward trend. A few weeks ago, the price of the cryptocurrency fluctuated between $263.3 and $237.1. Three weeks passed during this range movement. The $263.3 level, which had been a resistance level, turned into a support level as the bulls gained traction and won. In the BNB market, buyers dominated the preceding two weeks, and $335.1 level was tested.  The price retreated and touched $314.6. It has been hovering between $316.2 and $290.0 since last week.

The price of the cryptocurrency is currently ranging and is just below the Hull Suite indicator.  The $335.1 and $356.1 resistance levels could be in peril if buyers holding the $290.0 support level smash the $316.2 resistance level. The recent lows of $263.3 and $237.1 will be tested if $326.2 holds and BNB closes below the key $290.0 level.

BNBUSD medium-term Trend: Ranging

The coin may move in a range throughout the next four hours. A bullish trend was started by the double bottom pattern, which was initially noticed on December 26 near the $263.3 support level. Price increases were the result. On December 28, the $335.1 resistance level was examined. Price started to decrease and hit $290.0 before retreating and continuing to range between $316.2 and $290.0.

BNB is trading around the Hull Suite indicator. A buy is indicated by the QQE MOD indicator signal line’s upward above zero level.

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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.

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