Binance Coin (BNB) Market Analysis: Currency Targets $13 Price Level

Supply Zones: $15, $16, $17

Demand Zones: $14, $13, $11

BNB/USD Medium-term Trend: Ranging

Binance Coin (BNB) Market Analysis: Currency Is Targeting $13 Price Level

BNB/USD is gradually changing from the bullish trend to bearish trend on the medium-term outlook. The cryptocurrency has been bullish for more than a week; it started on February 28 with the formation of a strong bullish candle that pushed the coin across the two dynamic resistance levels.

It is clearly seen on the 4-Hour charts that the BNB price produced a double top chart pattern and then it has been heading towards the south with bearish momentum. The double top might play a significant role in the BNB market for some days as it looks very solid. The supply zone of $15 seems to be a strong resistance zone and that is why there were rejections at that price level.

The BNB price is gradually crossing below the 21-day EMA and 50-day EMA with the formation of more bearish candles which indicate a gradual increase in bearish momentum. The stochastic Oscillator period 14 is at 60 level with its signal lines pointing down which connotes sell signal. Should the bears increase their momentum; the BNB price will break down the $14 price level and have the demand level of $13 as its target.

BNB/USD Short-term Trend: Bearish

Binance Coin (BNB) Market Analysis: Currency Is Targeting $13 Price Level

BNB/USD is on the bearish trend on the short-term outlook. The coin experienced a sideways movement not quite long after the BNB price declined towards the demand level of $14 on March 8 – 12. The Bulls prevailed and topped the price at $15 price level as the second time. The bears rejected further increase in BNB price and that is what led to the formation of the double top pattern. The BNB price is currently declining towards $14 price level. There is a possibility for the coin to break down the level and target the demand level of $13.

The BNB price has crossed the two EMAs downside and the 21 period EMA is at the point of crossing the 50 periods EMA downside which indicates the increase in the bears’ pressure in the BNB market. The Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing down which indicates further declination of BNB price.

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