BINANCE (BNBUSD) Price: Will There Be a Further Price Declination Below $503?

BNBUSD Price Analysis – December 31

The price may decrease further to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678

BNB/USD Market

Key levels:

Supply levels: $540, $599, $678

Demand levels: $503, $430, $364

BNBUSD Long-term Trend: Bearish

On the daily chart, BNBUSD is bearish. The crypto remains under the control of sellers. After the big fall experienced by the Binance Coin with the formation of double top chart pattern, the price has been declining. The support level of $503 was tested and pulled back to retest the resistance level of $599. The bears oppose price increase and it is currently retesting the support level of $503.

The crypto is decreasing as more bearish candles are emerging below $540 level. The price is trading below 9 period Moving Averages and the 21 Moving average at a distance to indicate bearish movement. The price may decrease further to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD is bearish. Last week the bulls were trying to push the price towards the resistance level of $599. On December 27, bears interrupts the price increase and it changes its direction toward south. The bearish momentum is decreasing the price to the support level of $503. The price is trying to break down the support level of $503.

The price has crossed the two EMAs downside and the price is trading below 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 40 level and the signal line pointing upside which indicates that the price may reverse at the support level of $503.