Binance (BNBUSD) Price May Bounce Off Resistance Level of $503
Login

Binance (BNBUSD) Price May Bounce Off Resistance Level of $503

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


BNBUSD Price Analysis – September 03

The sellers are strongly defending the $503 resistance level in which an increase in the sellers’ pressure may send the price down towards the support levels at $433, $420 and $364. On the other hand, an increase in the bulls’ momentum to break up the $503 resistance level may expose the price to $599 and $678 levels.

BNB/USD Market

Key levels:

Supply levels: $503, $599, $678

Demand levels: $433, $420, $364

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The bulls hold unto the Binance Coin market. Last week, the buyers pushed the price to reach the high of $503. It seems the bulls’ pressure could not break up the significant resistance level of $503. The price increase slow down and the price starts a ranging movement at the level as the bears’ pressure is equally weak.

BNBUSD daily chart, September 03

The Binance Coin is trading above the two EMAs which indicate that bulls are in control of the market while the fast moving EMA (9 periods) remains above the slow moving EMA (21 periods). The sellers are strongly defending the $503 resistance level in which an increase in the sellers’ pressure may send the price down towards the support levels at $433, $420 and $364. On the other hand, an increase in the bulls’ momentum to break up the $503 resistance level may expose the price to $599 and $678 levels.

BNBUSD medium-term Trend: Ranging

Binance coin is on the ranging movement on the 4 hour chart. After the testing of the resistance level of $503 by the coin which was carried out twice at separate time interval. The price retain its trading within the resistance level of $503 and the support level of $433. This may continue until there is breakout.

BNBUSD 4 hour chart, September 03

The Binance Coin is trading over and around the 9 periods EMA and 21 periods EMA which indicate that sellers’ and buyers’ momentum is weak.

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News