Binance (BNBUSD) Price: Will There Be a Bearish Breakout at $254 Level?

BNBUSD Price Analysis – July 16

When the bulls gain more pressure to push the daily candle above the $311 resistance level, the price may soar to $364, penetrate it, and test the $420 resistance level. Should there be a breakdown of the support level of $254, then $196 and $147 support level may be reached. The relative strength index period 14 is exhibiting a bearish signal at 45 levels.

BNB/USD Market

Key levels:

Supply levels: $311, $364, $420

Demand levels: $254, $196, $147

BNBUSD Long-term Trend: Ranging

On the long-term outlook, BNBUSD continue on the ranging mode. The buyers’ momentum remains low and the resistance level of $311 stands as a barrier to the price. Likewise, the sellers’ momentum is lower compare to the strength of the support at $254. This is what make the coin continue to consolidating within the resistance level of $311 and support level of $254. A radical fundamental events is required to make the coin rally in the daily chart.

The two EMAs are interlocked to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. When the bulls gain more pressure to push the daily candle above the $311 resistance level, the price may soar to $364, penetrate it, and test the $420 resistance level. Should there be a breakdown of the support level of $254, then $196 and $147 support level may be reached. The relative strength index period 14 is exhibiting a bearish signal at 45 levels.

BNBUSD medium-term Trend: Ranging

Binance coin is ranging on the 4 hour chart. The crypto is range-bound within the support level of $254 and the resistance level of $311. The Binance coin market is experiencing a low volatility and this scenario brought about no significant movement. Failure to breakout to the north or to the south may leads to continuation of ranging market.

The 9 periods EMA is interlocked to the 21 periods EMA and the coin is hovering over the two EMAs to indicate that the coin is experiencing low momentum and low volatility.

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