BNBUSD Buyers Ascend Towards the $360.0 Supply Zone

BNB is currently ascending to the supply zone at $360.0. The trend of BNB has turned bullish since the violation of the resistance level at $315.0. The influx of bulls in the $220.0 key zone prompted the rapid rise in price from the key zone. The resistance level at $315.0 struck in January caused a retracement back to the bullish order block. The bulls reorganized from the bullish order block and rose to $333.0. A bullish channel on the daily chart appears better on the lower timeframe. The ascending parallel channel guides the price action towards the $360.0 resistance level. The market is currently drawing toward the liquidity pool, which is resting at the supply level at $360.0.

 

BNBUSD Key Levels

Supply Zone: $333.0, $360.0, $400.0
Demand Zone: $254.0, $240.0, $220.0

What Are the Indicators Saying?

In January, the Moving Averages crossed above a significant level of $240.0, confirming the uptrend. The faster Moving Average (period 9) swerved above the slower Moving Average (Period 21). In December, the Stochastic revealed the market was already oversold. The Stochastic is currently overbought on the daily chart. The market is likely to find support on the ascending trend line to gather bullish momentum to strike the $360.0 key level. The Moving Averages still support the uptrend on the daily chart.

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