Binance (BNBUSD) Price: Resistance Level of $364 Turns to Support Level, Aiming at $420 Level

BNBUSD Price Analysis – August 13

The breaking up of $420 price level will expose the price to $503 and $599 price levels. Inability to break up the $420 level may reduce the price to $364, $311 and $254 support levels.

BNB/USD Market

Key levels:

Supply levels: $420, $503, $599

Demand levels: $364, $311, $254

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. Buyers are increasing in the Binance market and the price is increasing accordingly. After the formation of triple bottom chart at the support level of $254, the bulls’ momentum increases towards the resistance level of $364. The level is penetrated and the price is rallying towards the resistance level of $420 at the time of writing this report. The Binance Coin market may experience more of buyers’ pressure.

The Binance Coin is trading above the two EMAs and the slow moving EMA (21 periods) remains below the fast moving EMA (21 periods) which indicate that bulls are in control of the Binance Coin market. The former $364 resistance level is already penetrated and the price is heading towards the $420 price level. The breaking up of $420 price level will expose the price to $503 and $599 price levels. Inability to break up the $420 level may reduce the price to $364, $311 and $254 support levels. The relative strength index period 14 is at 7o level with the signal line pointing up to indicate buy signal.

BNBUSD medium-term Trend: Bullish

Binance coin is bullish on the 4 hour chart. When the bulls turned the resistance level of $311 to support level, it carried out a price retest. The crypto experience more pressure from the bulls and it increases to break up the $364 level.

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

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