BINANCE (BNBUSD) Price: Would the Buyers Defend Support Level at $37?

BINANCE (BNBUSD) Price: Would the Buyers Defend Support Level at $37?

BNBUSD Price Analysis – December 31

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 $31 and $27 support level. Inability to break down the support level of $37, the bullish trend may continue to target the resistance levels at $41, $44 and $48.

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. The coin broke out of the ranging zone on December 19. The bulls acquired more momentum and pushed up the coin 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 $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, December 31

The 21 periods EMA is below the 9 periods EMA and the coin is trading above the two EMAs at the distance which connotes that the Buyers’ pressure is increasing. The Relative Strength Index period 14 is below 70 levels with the signal lines pointing down to indicate a sell signal which may be a pullback. 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 $31 and $27 support level. Inability to break down the support level of $37, the bullish trend may continue to target the resistance levels at $41, $44 and $48.

 BNBUSD medium-term Trend: Bullish

The price action of BNBUSD has formed an ascending channel in the 4-hour chart. The price is currently moving towards the lower trend line of the channel. The 9 periods are above the 21 periods EMA and it is trading above the two EMAs which connote an increase in the bulls’ momentum.

BNBUSD 4 hour chart, December 31

The RSI indicator period 14 is at 0 levels and the signal lines bending up to indicate a buy signal.

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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.