Binance (BNBUSD) Price May Increase to $485 Provided $420 Level Does Not Hold

Binance (BNBUSD) Price May Increase to $485 Provided $420 Level Does Not Hold

BNBUSD Price Analysis – April 09

Further price increase is envisaged as long as bulls maintain or increase their momentum and the resistance level of $420 level is penetrated, then, the resistance level at $485 and $545 may be tested. The breakdown of the $364 price level will expose the coin to $311 and $254 price level.

BNB/USD Market
Key levels:

Supply levels: $420, $485, $545

Demand levels: $364, $311, $254

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the daily chart. The coin was obeying the command of the bears last week; in other words it was on the bearish movement. It was on March 27 that the bulls gained more momentum to break up the former resistance level of $311. The bullish momentum increases towards the resistance level of $364, it breaks it up and the price level of $420 is tested.

BNBUSD Daily chart, April 09

Today, the bearish daily candle emerges which may leads to pullback of the price. The Binance coin has crossed the two EMAs upside and it is trading above the 9 periods EMA and the 21 periods EMA. However, the former EMA has crossed the later which is an indication that bulls’ momentum is increasing. Further price increase is envisaged as long as bulls maintain or increase their momentum and the resistance level of $420 level is penetrated, then, the resistance level at $485 and $545 may be tested. The breakdown of the $364 price level will expose the coin to $311 and $254 price level. However, the relative strength index period 14 with its signal line is at 70 level pointing up as a sign of buy signal.

 BNBUSD medium-term Trend: Bullish

BNBUSD is bullish in the 4-hour chart. The bulls take over the Binance coin market after the bearish breakout last two weeks. The crypto increases in accordance with the increase in the bulls’ momentum. The former resistance levels of $311 and $364 has turned to support levels. The price is currently at $420 level.

BNBUSD 4-hour chart, April 09

The price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is pointing up at 70 levels indicate a buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.