BNBUSD Bounces off a Bullish Order Block

After reaching a local high of $460.0 on March 31st, 2022, BNBUSD began to fall. In May, BNBUSD fell deeply into the demand zone at $220.0. When BNBUSD reached the $340.0 resistance level on May 23rd, 2022, it resumed its market trend to the downside. BNBUSD continued to fall until it reached the 180.0 support level. The bounce off from this support level led to a change in the market environment. This change in the market environment caused more BNBUSD buyers to storm the market.

Resistance Level: $310.0, $340.0, $460.0
Support Level: $240.0, $220.0, $180.0

What Is the Indicator Saying?

While the daily candlesticks could be seen gyrating about the MA Cross, the Stochastic indicator reveals that BNBUSD is just recuperating from an oversold region. This shows that an expansion to the upside is impending. After a successful rally into an overbought region at the $310.0 supply zone, BNBUSD corrected downward. Currently, there appears to be a bullish order block formed on the 25th of July, 2022. Since this bullish order block confluences with the RSI indicator, BNBUSD is expected to rally towards the $310.0 supply zone.

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