Binance (BNBUSD) Price May Continue a Bullish Movement After Retracement

Updated:

BNBUSD Price Analysis – April 08

When the daily candle closes above $457, the price may increase to $516, and may expose the price to the $581 resistance level. In case the bears defend the resistance level of $457, price may decrease towards the support levels of $398, $329 and $256.

BNB/USD Market

Key levels:

Supply levels: $457, $516, $581

Demand levels: $398, $329, $256

BNBUSD Long-term Trend: Bullish

BNBUSD is on the bullish movement in the long-term outlook. The coin has come under the pressure of the bulls. After the bullish breakout at the resistance level of $398, the price has been increasing slowly with the formation of bullish candles. It has increased and test the resistance level of $455 on April 02. A bearish pin bar candle formed indicating an increase in the bears’ pressure. The price is currently pulling back.

Daily 14

The fast moving average has crossed the slow moving average downside. The price is trading between the 9 periods EMA and the 21 periods EMA as a sign of decrease in the bulls’ momentum. The price is pulling back after testing the resistance level of $456. When the daily candle closes above $457, the price may increase to $516, and may expose the price to the $581 resistance level. In case the bears defend the resistance level of $457, price may decrease towards the support levels of $398, $329 and $256. The relative strength index period 14 is at 55 levels pointing downside to indicate sell signal which may be a pullback.

BNBUSD medium-term Trend: Bullish

Binance Coin is bullish in the 4-hour chart. The bulls took over the Binance coin market few days ago when the bears’ pressure failed at the support level of $329. The price increase and break up the barrier at $398. The price tested resistance level of $456 and retraced. After retracement, bullish trend may continue.

4hours 14

The 9 periods EMA is trying to cross the 21 periods EMA upside to establish a bullish movement. Binance coin is trading between the two EMAs. The Relative Strength Index period 14 is at 46 levels displaying a bearish direction.

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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.