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BNBUSD market is experiencing a ranging movement
BNBUSD Price Analysis 28 July
The $254.2 resistance level can be broken higher, testing the $276.5 and $286.4 resistance levels, if buyers can hold the $236.9 support level. BNB may drop to its most recent lows of $219.1 and $209.0 if sellers gain further traction before closing below the crucial $236.9 level
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 of actions. The price movement of the BNB has resulted in the formation of a double-bottom chart pattern. There was the formation of a bullish reversal chart pattern at the $219.1 support level. When BNB tested the previously mentioned level twice on June 12 and June 28, a bullish trend began. Buyers enter as soon as the bulls started applying more pressure but bears are opposing the movement. The cost has been fluctuating between $254.2 and $236.9.
A ranging movement was seen when the 9-period and 21-period exponential moving averages interlocked. In an effort to outperform the two EMAs, the BNB price. The $254.2 resistance level can be broken higher, testing the $276.5 and $286.4 resistance levels, if buyers can hold the $236.9 support level. BNB may drop to its most recent lows of $219.1 and $209.0 if sellers gain further traction before closing below the crucial $236.9 level
BNBUSD medium-term Trend: Ranging
The four-hour chart of the BNB shows a ranging movement. At a price of $219.1 on June 12, the double bottom chart pattern initially appeared, signaling that buyers will probably take control of the market. The buyers’ enthusiasm decreased after the forced price test at the $254.2 barrier level. Price began to fluctuate in a consolidation pattern between $254.2 and $236.9.
BNB is currently trading in a range as it trades near the 9- and 21-period exponential moving averages. A purchase is implied when the relative strength index period 14 signal line is pointing up at level 57.
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