Binance Coin (BNBUSD) Price; Bears May Take Over BNB Market Provided $599 level Holds

Binance Coin (BNBUSD) Price; Bears May Take Over BNB Market Provided $599 level Holds

BNBUSD Price Analysis – April 16

In case the sellers were able to push the Binance Coin below the support level of $503 and the daily candlestick close below it, then, the price may decrease further to test the $420 and $364 support level. Inability to break down the support level of $503, the bullish trend may continue to target the resistance levels at $599, $663, and $758.

GBP/JPY Market
Key levels:

Resistance levels: $599, $663, $758

Support levels: $503, $420, $364

BNBUSD Long-term trend: Bullish

The bulls holds to the BNBUSD market; meaning that the coin is bullish in the daily chart. Since March 27, the bulls have been holding tenaciously to the Binance coin market. The breaking up the resistance level of $254 and $311 was effected. The bulls gain more momentum and the price increases and broke up the barriers at $420, $503 price levels. The price tested the resistance level of $663 and pulls back. At the moment, the price is testing the $503 support level.

BNBUSD Daily chart, April 16

Binance Coin is retesting the dynamic support levels of 21 periods EMA and the 9 periods EMA, the coin is trading above the two EMAs at close contact which indicate a decrease of the bulls’ momentum. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing down to indicate a sell signal. In case the sellers were able to push the Binance Coin below the support level of $503 and the daily candlestick close below it, then, the price may decrease further to test the $420 and $364 support level. Inability to break down the support level of $503, the bullish trend may continue to target the resistance levels at $599, $663, and $758.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The Binance coin have tested the resistance level of $599 on 12 April but there is no enough pressure to penetrate the level by the bulls. The price consolidates for some time within the $599 and $503 price levels. The bears are trying to push down the price.

BNBUSD 4-hour chart, April 16

The price has penetrated 9 periods EMA and 21 periods EMA downside while the coin is trading below the two EMAs which connotes an increase in the bears’ momentum.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.