BINANCE (BNBUSD) Price May Continue Ranging Movement Within $24 and $22 Levels

BNBUSD Price Analysis – August 28

A breakup at the $24 level by the bulls may lead to the soaring of the price to $30 level in which further increase will increases the price to $35. The continuation of the bears defending the $24 resistance level may drop the price to the previous low at $20; below the level is $18 support level.

BNB/USD Market

Key levels:

Supply levels: $24, $30, $35
Demand levels: $22, $20, $18

BNBUSD Long-term Trend: Ranging

The coin is conforming to a triple top chart pattern in the daily chart. August 05 was the first time the coin tested the resistance level at $24. The second time took place last week on August 17. Today, August 28 is the third time. The support level at $20 has been tested twice when the coin was pulling back from the resistance level at $24.

BNB is testing the resistance level at $24 as at the time of writing this report. A breakup at the $24 level by the bulls may lead to the soaring of the price to $30 level in which further increase will increases the price to $35. The continuation of the bears defending the $24 resistance level may drop the price to the previous low at $20; below the level is $18 support level. The relative index indicator period 14 is at 60 levels with the signal line bending down which connotes sell signal.

BNBUSD medium-term Trend: Ranging

Ranging movement may continue in the 4-hour chart until there is a breakout either at the resistance level of $24 or at the demand level at $20. The bulls were defending the support level of $20 preventing bullish price breakout. In the same vein, the bulls were defending the resistance at $24, preventing price decrease.

The price may decline provided the level holds the price and also it has touched the same level three times. However, the relative strength index period 14 is exhibiting sell signal at 60 levels.