Binance Coin (BNBUSD) Breaks Up $330 Level, Targeting $361 Level

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 Binance coin is increasing

BNBUSD Price Analysis – November 04

When bulls break up the $361 resistance level by the buyers, Binance Coin may increase towards the $400 and $456 resistance levels. Opposition from the bears at $361 level may decrease the price towards $330, which may extend to $286 and $256 levels.

BNB/USD Market

Key levels:

Supply levels: $361, $400, $456

Demand levels: $330, $286, $256

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The buyers are in control of the Binance coin market. The Crypto was ranging within the resistance level of $300 and $256 levels for more than three weeks. On October 29, the bulls were able to gain enough momentum that breaks up the resistance level of $300. The price increase towards the $330 level. It pulled back briefly and bulls acquire more momentum that penetrate the $330 level. The price is currently heading towards the resistance level of $361.

Buyers continue to dominate the Binance coin market as the price is trading above the two EMAs. The fast moving EMA (9 periods) is above the slow moving EMA (21 periods). The two EMAs are separated to indicate an increase in the bulls’ momentum. When bulls break up the $361 resistance level by the buyers, price may increase towards the $400 and $456 resistance levels. Opposition from the bears at $361 level may decrease the price towards $330, which may extend to $286 and $256 levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart.  The Binance coin is heading towards the resistance level of $361 after it tested the support level of $256 level. The price bounced up and breaks up the resistance levels of $286 and $330.

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are in control of Binance coin market.

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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.