Binance Coin (BNBUSD) May Decline at $256 Level

Updated:

BNBUSD Price Analysis – July 08

Ability to break up the $256 level by the bulls may lead to price increase towards the $286, and $330 support levels. Should the bears exert more pressure to break down the support level of $209, Binance Coin may decline to $186 and $156 levels.

BNB/USD Market

Key levels:

Supply levels: $256, $286, $330

Demand levels: $209, $186, $156

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The coin was under the bears’ control last week. The low of $209 support level was tested. The price action formed an inverted head and shoulder chart pattern. This is what triggered a bullish movement. The bulls are currently dominating the market. The price is heading towards the resistance level of $256. Further price increase envisaged.

Bulls are dominating the market as the price is trading above the two EMAs. The fast moving EMA (9 periods) crossed above the slow moving EMA (21 periods). Ability to break up the $256 level by the bulls may lead to price increase towards the $286, and $330 support levels. Should the bears exert more pressure to break down the support level of $209, Binance Coin may decline to $186 and $156 levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. The formation of an inverted Head and Shoulder chart pattern brings about the commencement of bullish trend. The price pulled back to retest the support level of $209. At the moment, the bulls are trying to push price for the breaking up of $256 resistance level.

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are gradually dominating the 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.