Binance (BNBUSD) Price Is Ranging Within $29 and $26 Price Level

BNBUSD Price Analysis – November 13

When the daily candle closes above the $29 resistance level, the price may increase to $31, penetrate it, and expose the price to the $33 resistance level. If it breaks down the support level of $26, then $24 and $22 support level may be tested. The relative strength index period 14 is parallel to the 40 levels as a symbol of consolidation.

BNB/USD Market

Key levels:

Supply levels: $29, $31, $33
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Ranging

BNBUSD is on the ranging mode in the long-term outlook. The coin was bullish last week in the daily chart. The price sparked and rally towards the resistance level of $31 on November 05 but suddenly dropped to the support level of $26. The resistance level of $29 has been preventing an increase in price, likewise, the support level of $26 is been defended by the bulls and this led to the ranging of the price within $29 and $26 price level.

The two EMAs are coming close together, parallel to each other and the price is trading over the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. When the daily candle closes above the $29 resistance level, the price may increase to $31, penetrate it, and expose the price to the $33 resistance level. If it breaks down the support level of $26, then $24 and $22 support level may be tested. The relative strength index period 14 is parallel to the 40 levels as a symbol of consolidation.

BNBUSD medium-term Trend: Ranging

The Bulls are unable to break up the resistance level of $29 when the price was pushed to test the level last week. In the same way, the bears could not break down the support level of $26 when it was tested. The price commences ranging movement within the $29 and $26 price level.

The 9 periods EMA is interlocked to the 21 periods EMA and the coin is trading around and over the two EMAs to indicate that consolidation is in progress. The Relative Strength Index period 14 is not displaying a specific direction.