BINANCE (BNBUSD) Price Is Awaiting a Breakout

BINANCE (BNBUSD) Price Is Awaiting a Breakout

BNBUSD Price Analysis – February 26

A breakdown at the $196 level by the bears may lead to the declination of the price to $142 level in which further decrease will drop the price to $117. The continuation of the bears defending the $196 support level may push up the price to the resistance level at $254; above the level is $311 and $364 resistance level.

BNB/USD Market
Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish

The coin is conforming to a triangle chart pattern in the daily chart. February 19 was the first time the coin tested the resistance level at $364. The level rejected further increase in price with the formation of strong bearish candle. The price decline to $254 level. Today, February 26 the support level at $196 has been tested when the coin is pulling back from the resistance level at $254.

BNBUSD Daily chart, February 26

BNB is testing the support level at $196 as at the time of writing this report. A breakdown at the $196 level by the bears may lead to the declination of the price to $142 level in which further decrease will drop the price to $117. The continuation of the bears defending the $196 support level may push up the price to the resistance level at $254; above the level is $311 and $364 resistance level. The relative index indicator period 14 is at 60 levels with the signal line pointing down which connotes sell signal.

 BNBUSD medium-term Trend: Bearish

BNB is bearish in the 4-hour chart. The price action has formed a triangle chart pattern in the 4-hour chart. Yesterday at the early market period, the price was in the ranging movement at $254 price level. The sellers later prevail and the price dropped towards the support level at $196. It seems the price may breakout at the lower trend line of the triangle which may leads to further price reduction.

BNBUSD 4-hour chart, February 26

The price is awaiting a breakout from the triangle formed. The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is exhibiting buy signal at 40 levels.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.