Binance Coin (BNBUSD) Price Breaks Up $311 Level, Aiming at $364 

BNBUSD Price Analysis – April 02

In case the buyers were able to push the price above the resistance level of $364 and the daily candlestick close above the level, then, the price may increase further to test the $410 and $485 resistance level. Inability to break up the resistance level of $364, the bearish trend may commence to target the support levels at $311, $254, and $196.

BNBUSD Market

Key levels:

Supply levels: $364, $410, $485

Demand levels: $311, $254, $196

BNBUSD Long-term trend: Bullish

The bulls return to the BNBUSD market after price retracement. In other words, BNB is bullish in the long-term outlook. On March 27, the bulls take over the Binance coin market by breaking up the resistance level of $254 and $311. The price soars towards the resistance level of $364 after it breaks up the resistance levels of $254 and $311. The price pulled back to retest the dynamic support level. The bulls are taken over the BNBUSD market at the moment.

Binance Coin has retested the dynamic support levels of 21 periods EMA and the 9 periods EMA and the coin is trading above the two EMAs at the distance range which connotes an increase of the bulls’ momentum. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal. In case the buyers were able to push the Binance Coin above the resistance level of $364 and the daily candlestick close above the level, then, the price may increase further to test the $410 and $485 resistance level. Inability to break up the resistance level of $364, the bearish trend may commence to target the support levels at $311, $254, and $196.

BNBUSD medium-term Trend: Bearish

BNBUSD is bullish in the 4-hour chart. Last week. The Binance coin tested the support level of $254 on March 24 but there is no enough pressure to penetrate the level. A bullish engulfing candle emerges; which indicates an increase in the bulls’ momentum. The price ascends and tested the resistance level of $311. The Binance Coin breaks up the mentioned level and increases to test the $364 price level.  The price may continue its bullish movement.

The 9 periods EMA has crossed the 21 periods EMA upside while the coin is trading above the two EMAs which connotes an increase in the bulls’ momentum. The RSI indicator period 14 is above 70 levels and the signal lines pointing up to indicate a buy signal.