Binance Coin (BNBUSD) Price Approaches a Potential Bullish Reversal Zone

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BNBUSD Price Analysis – January 21

In case the bears break down the support level of $419, the price may decline to $364 level, continue its downtrend movement towards the support level of $254. On the other hand, more pressure from the buyers may push up the Binance Coin to break the resistance level of $503 which may increase further to $599 and $678 levels.

BNBUSD Market

Key levels:

Resistance levels: $503, $599, $678

Support levels: $419, $364, $254

BNBUSD Long-term trend: Bearish

Binance coin is bearish on the daily chart. The coin was on the bullish movement last week. The movement was interrupted at $503 resistance level. There was a bearish engulfing candle formation at the same level. Bears’ pressure increased with the formation of strong daily bearish candle that pushes the price to retest the support level of $419. The price is currently making attempt to penetrate $419 level.

BNBUSD Daily chart, January 21

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is pointing downside at 30 levels indicating sell signal. In case the bears break down the support level of $419, the price may decline to $364 level, continue its downtrend movement towards the support level of $254. On the other hand, more pressure from the buyers may push up the Binance Coin to break the resistance level of $503 which may increase further to $599 and $678 levels.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart.  The sellers finally exerted more pressure on the Binance coin yesterday. The price breaks down the dynamic support levels and testing $419 level. It is pulling back at the moment.

BNBUSD 4-hour chart, January 21

Binance coin is trading below 9 periods EMA and 21 periods EMA as a sign of bearish market. The relative strength index period 14 is at 20 levels and the signal line pointing up to indicate buy signal.

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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.