BNBUSD Breaks Out of the Descending Triangle

The well-protected support level of $284.0 on the BNB market has been broken. The seller appears ready for a long dive to seek liquidity at $240.0. The market experienced an accumulation phase at $240.0 in December 2022. The year started with a rapid surge in the price of BNBUSD. Gaps and unmitigated bullish order blocks were deposited as the market soared.

The buyers faced resistance at $315.00. After gaining momentum from $284.0, the resistance level was broken and the price reached $333.0. The sellers stormed the market and made a first attempt to bridge $284.0 in February but failed. The sellers have successfully pushed through the 284.0 support level. The market is expected to dive to $254.0.

BNBUSD Key Levels

Demand Levels: $254.0, $240.0, $220.0
Supply Levels: $315.0, $333.0, $360.0

What Are the Indicators Saying?

The Stochastic revealed that the market was oversold in December after a plunge from the $315.0 resistance level to the $220.0 support level. Shortly after, the daily candles rose above the mid string of the Bollinger Bands to signify bullishness. The new bearish trend was initiated in February when the daily candles pressed on the resisting band when the Stochastic indicated the market was overbought. Currently the Stochastic is oversold. A retest is expected to follow the bearish breakout to gather sufficient energy to foster a price decline.

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