Binance (BNBUSD) Price Rally Stalls at $503 Resistance Level

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BNBUSD Price Analysis – August 27

Should the resistance level of $503 holds, the price will bounce off the level and face the support level of $433, $420 and $364. In case, the bulls are able to break up $503 level, Binance coin may increase 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. Buyers are in control of Binance coin market for more than two weeks. The crypto increases to the high of $503 after passing through barriers at $364 and $433 levels. The resistance level of $503 was reached on August 23 and it is consolidating at the level since then. It is trying to break up the level.

The fast moving EMA (9 periods) retain its position above the slow moving EMA (21 periods). The Binance Coin is trading above the two EMAs which indicate that bulls are holding unto the Binance Coin market. It seems the bulls’ pressure is becoming weak and the price may reverse. Should the resistance level of $503 holds, the price will bounce off the level and face the support level of $433, $420 and $364. In case, the bulls are able to break up $503 level, Binance coin may increase to $599 and $678 levels. The relative strength index period 14 is at 60 level with the signal line pointing down to indicate sell signal.

BNBUSD medium-term Trend: Bullish

Binance coin is bullish on the 4 hour chart. The resistance level of $503 was tested twice. The first touch was on August 23 and the second test was on August 26. The level is significant and holding the price. The bears seize the opportunity to increase their pressure and the price repelled from the level. It is currently facing the support level of $433.

The Binance Coin is trading below 9 periods EMA and 21 periods EMA which indicate that sellers are taken over Binance coin market.

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