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BNBUSD tests $209.2 level
BNBUSD Price Analysis 18 August
BNB may drop to its most recent lows of $219.2 and $209.0 levels before closing below the crucial $187.3 level if sellers maintain their momentum. The $236.9 resistance level can be broken higher, challenging the $254.2 and $276.5 resistance levels, if buyers can hold the $219.2 support level.
BNB/USD Market
Key levels:
Supply levels: $236.9, $254.2, $276.5
Demand levels: $219.2, $209.0, $187.3
BNBUSD Long-term Trend: Bearish
BNBUSD exhibits a bearish movement. Last week, due to low volatility in the BNB market, the price movement was within the range of $254.2 and $236.9 levels. On 15 August, sellers prevailed over the buyers. The support level of $236.9 was penetrated and the previous low of $219.2 was tested. Bearish pressure continues and the $209.0 support level was reached. There is a probability for a bullish reversal at the just-mentioned level.
A bearish movement was seen when the currency pair is under 9-period and 21-period exponential moving averages. BNB may drop to its most recent lows of $219.2 and $209.0 levels before closing below the crucial $187.3 level if sellers maintain their momentum. The $236.9 resistance level can be broken higher, challenging the $254.2 and $276.5 resistance levels, if buyers can hold the $219.2 support level.
BNBUSD medium-term Trend: Bearish
Bearish movement may continue in the 4-hour time frame. The effect of the double bottom chart pattern that formed at $219.2 support level was nullified by an increase in the bears’ momentum. Initially appeared, signaling that buyers will probably take control of the market. The buyers’ enthusiasm decreased after the forced price test at the $236.9 barrier level. The price is currently below the $219.2 level.
BNB is currently trading below the 9- and 21-period exponential moving averages. A sell is implied when the relative strength index period 14 signal line is moving downward at level 24.
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