BINANCE (BNBUSD) Price May Break Down $22 Level to Test $20

BNBUSD Price Analysis – August 21

The breakup of the resistance level at $24 will open the price to the resistance levels at $30 and $35. The inability to penetrate the $24 price level may push down the price to support level at $22 and further declination may lead to $20 and $18 price levels.

BNB/USD Market

Key levels:

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

BNBUSD Long-term trend: Bullish

BNBUSD is testing the resistance level at $24 second time; the first testing was on 05 August and the coin pulled back to retest the demand level at $20. The coin bounces again to retest the previous high-level second time on August 18. The strength of the buyers is not yet enough to penetrate the resistance level mentioned. The price may decline as the scenario has formed a bearish chart pattern called Double Top.

However, the coin is trading at $22 demand level with a daily bullish candle and the two EMAs (9 and 21) are below the price which indicates that the bulls are still holding on to the BNB market. The breakup of the resistance level at $24 will open the price to the resistance levels at $30 and $35. The inability to penetrate the $24 price level may push down the price to support level at $22 and further declination may lead to $20 and $18 price levels.

BNBUSD medium-term Trend: Bullish

Looking at the 4-hour chart, BNB is bullish as the price is currently moving towards the resistance level at $24 and the Relative Strength Index period 14 is pointing up at 60 levels. The moving average 9 is attempting to cross the 21 periods to the upside while the price is trading above the two EMA.

Meanwhile, the price action has formed a double top chart pattern which may lead to price declination in other to complete the formation of the “M” shape pattern. Price may decline to $20 price level provided the price level at $22 is penetrated.