BINANCE (BNBUSD) Price: Would there be Enough Buyers’ Pressure to Breakup $41 Level?

BINANCE (BNBUSD) Price: Would there be Enough Buyers’ Pressure to Breakup $41 Level?

BNBUSD Price Analysis – January 08

Inability to break down the support level of $37, the bullish trend may continue to target the resistance levels at $41, $44, and $48. In case the sellers were able to push the price below the support level of $37 and the daily candlestick close below the level, then, the price may decline further to test the $31 and $27 support level.

GBP/JPY Market
Key levels:

Supply levels: $41, $44, $48
Demand levels: $37, $31, $27

BNBUSD Long-term trend: Bullish

BNBUSD is bullish on the long-term outlook. Immediately after the breakout that took place at the $31 price level on December 19. The bulls have been dominating the BNB market with more momentum and the coin increases to reach a high of $37 on December 20. The resistance at the just mentioned level prevented further increase in price and the price retraced to the $31 support level. The Bears could not maintain the pressure, the price bounced and the $37 level was penetrated and the price reached the $41 level yesterday. The bearish momentum opened the market today with the possibility of decreasing further provided the support level at $37 does not hold.

BNBUSD daily chart, January 08

The price is retracing to test the dynamic support levels of 21 periods EMA and the 9 periods EMA and the coin is trading above the two EMAs at the close range which connotes that the sellers are preparing to take over the market. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal. Inability to break down the support level of $37, the bullish trend may continue to target the resistance levels at $41, $44, and $48. In case the sellers were able to push the price below the support level of $37 and the daily candlestick close below the level, then, the price may decline further to test the $31 and $27 support level.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. Last week, the coin was obeying the bulls’ command and it is steadily increasing to break up the resistance level of $41. The price tested the $44 price level and turned it down. The price action of BNBUSD has formed another ascending channel in the 4-hour chart. The price is currently retesting the lower trend line of the channel.

BNBUSD 4 hour chart, January 08

The 9 periods is trying to cross the 21 periods EMA while the coin is trading below the two EMAs which connote a decrease in the bulls’ momentum. The RSI indicator period 14 is above 40 levels and the signal lines bending down to indicate a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.