Binance Coin (BNBUSD) Price Breaks Down $599 Level, Further Decrease Envisaged

14 May 2021 | Updated: 14 May 2021

BNBUSD Price Analysis – May 14

Inability to break down the support level of $503 by the bears, BNBUSD will break up the $678 and bullish trend may continue to the resistance levels at $758, and $850.

BNBUSD Market

Key levels:

Resistance levels: $678, $758, $850

Support levels: $599, $503, $420

BNBUSD Long-term trend: Bearish

Binance coin is bearish on the daily chart. The crypto was trading between the resistance level of $678 and the support level of $599 last week. The coin has tested the resistance level of $678 twice which indicate a signal for the bears to dominate the Binance coin market. On 12 May, the bears prevailed over the bulls with the formation of strong bearish candle that breaks down the support level of $599, the price is decreasing towards the $503 price level.

BNBUSD Daily chart, May 14

Binance Coin has penetrated the fast moving average and the slow moving average downside. The coin is trading below the 9 periods EMA and 21 periods EMA at close contact which indicate that the bears’ momentum is gradually increasing in the Binance coin market. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal which may be a pullback. Further increase in the sellers’ momentum will push down the Binance Coin to break the support level of $503 and if the daily candlestick close below it, then, the price may decrease further to test the $420 support levels. Inability to break down the support level of $503 by the bears, BNBUSD will break up the $678 and bullish trend may continue to the resistance levels at $758, and $850.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The price action formed a “Tripple top” on the 4-hour chart; this is a bearish chart pattern. The price tested the resistance level of $678 on May 03. The second touch was on May 10 and the third time was on May 12. The price could not penetrate the level but rather breaks down the $593 level.

BNBUSD 4-hour chart, May 14

Binance coin is trading below 9 periods EMA and 21 periods EMA which indicate an increase in the bears’ momentum.

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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.