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BINANCE (BNBUSD) Price May Continue Ranging Movement Within $254 and $196 Levels – Cryptovibes.com – Daily Cryptocurrency and FX News

BINANCE (BNBUSD) Price May Continue Ranging Movement Within $254 and $196 Levels – Cryptovibes.com – Daily Cryptocurrency and FX News


BNBUSD Price Analysis – February 27

A breakup at the $254 level by the bulls may lead to the soaring of the price to the high at $311 level in which further increase will increase the price to the previous high at $364. The breakout at the $196 level may decrease the coin to $142 and $117 support level.

BNB/USD Market

Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

 

BNBUSD Long-term Trend: Ranging

The coin is on the ranging mode in the daily chart. The bulls have been in control of the BNB market up to two weeks ago. The bulls pushed the coin to reach the high of $364 on 19 February with a strong bullish momentum; this is seen on the daily chart with a big daily candle that broke up the resistance levels of $254 and $311. The bears defended the $364 level and the price started declining to $254 level where it started consolidation.

BNB Daily chart, February 27

BNB is consolidating within the resistance level at $254 and $196 as at the time of writing this report. A breakup at the $254 level by the bulls may lead to the soaring of the price to the high at $311 level in which further increase will increase the price to the previous high at $364. The breakout at the $196 level may decrease the coin to $142 and $117 support level. The relative strength index indicator period 14 is at 60 levels with the signal line parallel to the level which indicate that consolidation is ongoing.

 BNBUSD medium-term Trend: Ranging

Ranging movement may continue in the 4-hour chart until there is a breakout either at the resistance level of $254 or at the support level at $196. The bulls were defending the support level of $196 preventing bearish price breakout. In the same vein, the bears were defending the resistance at $254, preventing price decrease.

BNBUSD 4-hour chart, February 27

The price is trading over and around the 9 periods EMA and 21 periods EMA as an indication of consolidation. However, the relative strength index period 14 is exhibiting neutral signal at 50 levels.



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