BNBUSD Breaks Out of a Rising Wedge

BNB bulls are currently exhausted after an aggressive ascent. Small candles above the $240.00 demand level revealed the market was in an accumulation phase. A bullish surge followed after the accumulation phase. A rising wedge guided the market to finally strike the $333.00 resistance level.

BNBUSD has delivered a bearish displacement from the supply zone of $333.00. The impulsive move broke out from the rising wedge. The touch of the mitigation block was very sensitive. The bears seized the opportunity to flood the market at the supply level of $333.00. The bearish displacement emerged from a double-top bearish reversal pattern at the supply level.

BNBUSD Key Levels

Demand Levels: $284.00, $240.00, $220.0
Supply Levels: $315.00, $333.00, $360.00

What Are the Indicators Saying?

The Moving Averages (periods nine and twenty-one) crossed in January to signal the takeoff of the bulls. The ADX (Average Daily Index) showed the daunting strength of the uptrend. The ADX rose to 40 on the indicator phase. The Williams Percent Range indicated the market was oversold in December. The bulls seized the opportunity to purchase BNB at a discount. Currently, the market has retested the lower border of the rising wedge. A bearish displacement is anticipated to drive the market to $284.00.

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