Binance (BNBUSD) Price May Break Up $364 Level to Target $420 Level

Azeez Mustapha
6 August 2021 | Updated: 6 August 2021

BNBUSD Price Analysis – August 06

The price may break up the resistance level of $364 which may increase to $420 and $503 levels. Failure to break up the $364 level may send the price to the support levels at $311, $254 and $196.

BNB/USD Market

Key levels:

Supply levels: $364, $420, $503

Demand levels: $311, $254, $196

BNBUSD Long-term Trend: Bullish

On the long-term outlook, BNBUSD is bullish. The buyers are dominating the Binance Coin market. Though the bullish movement is slow but the price is trading above the two dynamic resistance levels which is an indication that bulls are reigning in the market. When it bottomed at the support level of $254 on 20 July the sellers lose momentum and the buyers’ momentum increases with the formation of daily bullish candles. The price is testing the resistance level of $364 at the moment.

BNBUSD Daily chart, August 06

The fast moving EMA (9 periods) is above the slow moving EMA (21 periods) while the Binance Coin is trading above the two EMAs, which indicate that bulls are taken over the Binance Coin market. The price may break up the resistance level of $364 which may increase to $420 and $503 levels. Failure to break up the $364 level may send the price to the support levels at $311, $254 and $196. However, the relative strength index period 14 is at 6o level displaying sell signal which may be a pullback.

BNBUSD medium-term Trend: Bullish

Binance coin is bullish on the 4 hour chart. The resistance level of $311 has turned to support level after it penetrated $311 level upside. 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, August 06

The Binance Coin is trading above 9 periods EMA and 21 periods EMA which indicate that the coin is under the bulls’ 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.