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

Azeez Mustapha
3 September 2021 | Updated: 3 September 2021

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.

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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.