BNB (BNBUSD) Price: Ranging Movement May Continue

 BNBUSD market ranges between $254.2 and $236.9 levels

BNBUSD Price Analysis 11 August

The $254.2 resistance level can be broken higher, challenging 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 levels before closing below the crucial $236.9 level if sellers maintain their momentum.

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 movement. The price movement continues within the range of $254.2 and $236.9 levels, due to low volatility in the BNB market. The price movement of the BNB has resulted in the formation of a double-bottom chart pattern. A bullish reversal chart pattern began to form 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 entered as soon as the bulls increased their pressure, but the bears were blocking the movement. The cost ranges from $254.2 to $236.

A range movement was seen when the 9-period and 21-period exponential moving averages interlocked. The BNB price wants to perform better than the two EMAs. The $254.2 resistance level can be broken higher, challenging 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 levels before closing below the crucial $236.9 level if sellers maintain their momentum.

BNBUSD medium-term Trend: Ranging

Ranging movement continues in a 4-hour time frame. 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 movement began to oscillate in a consolidation pattern between $254.2 and $236.9 in that range.

BNB is currently trading in a range as it trades near 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 38.

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