Further increase in price is envisaged and the resistance level at $30 is likely to be tested. The breaking up of the just mentioned level will expose the coin to $35 and $41 price level. In case the increase in price is interrupted by the bears, the price may reverse and face the support levels at $24, $22, and $20.
BNB/USD Market
Key levels:
Supply levels: $30, $35, $41
Demand levels: $24, $22, $20
BNBUSD Long-term Trend: Bullish
The price was reduced to $18 demand level on September 05. The bearish pressure pushes the coin to test the support level at $18 but unable to reduce it to the $16 price level. On September 06, a strong and massive bullish engulfing candle emerges that break up the former resistance level of $22, price retracement was carried out the following day. The bulls gathered more momentum and push the price to break up $24 and $26 price levels. BNB price is heading towards the resistance level at $30.
The 9 periods EMA is above the 21 periods EMA and the coin is trading above the two EMAs as a sign of a bullish trend. Further increase in price is envisaged and the resistance level at $30 is likely to be tested. The breaking up of the just mentioned level will expose the coin to $35 and $41 price level. In case the increase in price is interrupted by the bears, the price may reverse and face the support levels at $24, $22, and $20.
BNBUSD medium-term Trend: Bearish
BNB price has formed an ascending channel in the 4-hour chart and the price is soaring higher within the channel. In other words, the price is bullish in the medium-term trend. BNBUSD is trying to break up the upper trend line, if the candle breaks and close above it, then, the price may test the resistance level at $30 within a short period of time.
The price is trading above the 9 periods EMA and 21 periods EMA couple with the Relative Strength Index period 14 pointing up at 70 levels indicate that the bullish trend may continue.
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