Binance (BNBUSD) Price Heading Towards $364 After a Bullish Breakout at $311 Level    

Azeez Mustapha
30 July 2021 | Updated: 30 July 2021

BNBUSD Price Analysis – July 30

Binance Coin experienced a bullish breakout at resistance level of $311, the price is increasing towards the resistance levels of $364 and $420. The support levels below current price can be found at $311, $254 and $196. The relative strength index period 14 is above 450 levels exhibiting a bullish signal.

BNB/USD Market

Key levels:

Supply levels: $364, $420, $503

Demand levels: $311, $254, $196

 

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The crypto was ranging within $311 and $254 price levels last week. It bottomed at the support level of $254 on 20 July and this is the second time it is testing the mentioned support level. The buyers’ momentum increases with the formation of daily bullish candles as bullish engulfing candle pattern. The bullish pressure has broken up the resistance level of $311. The price is heading towards the resistance level of $364.

BNBUSD daily chart, July 30

The fast moving EMA (9 periods) is crossing the slow moving EMA (21 periods) while the Binance Coin is trading above the two EMAs, which connote that bulls are taken over the Binance Coin market. There is already a bullish breakout at resistance level of $311, the price is increasing towards the resistance levels of $364 and $420. The support levels below current price can be found at $311, $254 and $196. The relative strength index period 14 is above 450 levels exhibiting a bullish signal.

BNBUSD medium-term Trend: Bullish

Binance coin is bullish on the 4 hour chart. Bulls continue to increase their momentum; Binance Coin has penetrated the former resistance level of $311. The just mentioned level has turned to support level. The crypto is gradually increasing after it penetrated the dynamic resistance levels upside. The bullish movement may continue as the bulls’ pressure increase.

BNBUSD 4 hour chart, July 30

The Binance Coin is trading above 9 periods EMA and 21 periods EMA which indicate that the coin is experiencing bullish momentum.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.