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Buyers may continue to dominate BNB market
BNBUSD Price Analysis: 05 January
Buyers holding the $314.6 support level have the potential to break the $332.8 resistance level, putting the $348.6 and $361.3 resistance levels in jeopardy. The recent lows of $300.7 and $286.7 will be tested if $332.8 holds and BNB closes below the critical $314.6 barrier.
BNB/USD Market
Key levels:
Supply levels: $332.8, $348.6, $361.3
Demand levels: $314.6, $300.7, $286.7
BNBUSD Long-term Trend: Bullish
The daily BNBUSD chart shows a definite upward trend. The cryptocurrency’s price ranged between $219.2 and $254.9 a few weeks ago. This range movement lasted for three weeks. Bulls prevailed and the $286.7 level, which had been a resistance level, became a support level as the bulls gained momentum. In the previous two weeks, buyers ruled the BNB market. The total increased, crossed $300.7, $314.6 and tried $332.8 level. Price pulled back, retested $314.6. Last week, it is dangling between $332.8 and $314.6 till the moment.
The cryptocurrency’s price is presently climbing and is marginally above the exponential moving averages with nine and twenty-one periods. Buyers holding the $314.6 support level have the potential to break the $332.8 resistance level, putting the $348.6 and $361.3 resistance levels in jeopardy. The recent lows of $300.7 and $286.7 will be tested if $332.8 holds and BNB closes below the critical $314.6 barrier.
BNBUSD medium-term Trend: Ranging
Over the following four hours, the coin is on ranging movement. The double bottom pattern, first observed on December 11 at the $237.0 support level, initiated a bullish trend. The outcome was price rises. The $286.7 resistance level was looked at on December 12. The price rose and tested $332.8, retraced, and continued a movement between the $332.8 and $314.6 levels.
The exponential moving averages for the 9 and 21 periods are trading close to BNB. The downward drop of the relative strength index period 14 signal line at level 70 indicates a sell.
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