Binance Coin (BNBUSD) Price: Bullish Breakout at $420 Level May Drive Price to $599

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BNBUSD Price Analysis – June 18

Should the bulls defend the support level of $364, the price may breakout at $420 level continue its uptrend movement towards the resistance level of $503 and $599. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels.

BNBUSD Market

Key levels:

Resistance levels: $420, $503, $599

Support levels: $364, $311, $254

BNBUSD Long-term trend: Ranging

Binance coin is on ranging movement on the daily chart. The bulls triggered the bullish movement when the bearish movement was rejected at the support level of $311. The price increase to the resistance level of $420 and it was equally opposed by the bears. The coin commences a ranging movement within the resistance level of $420 and support level of $364.

The Binance Coin is trading between and below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is flat at 40 levels with the signal lines displaying no specific direction. Should the bulls defend the support level of $364, the price may breakout at $420 level, continue its uptrend movement towards the resistance level of $503 and $599. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels.

BNBUSD medium-term Trend: Ranging

BNBUSD is ranging in the 4-hour chart.  It seems the momentum of bears and bulls are at equilibrium after the bouncing of Binance Coin at the support level of $254. It hits the $364 level and pulled back. The bulls loses their momentum and the price could not increase further. Also, the bears lose momentum and this brought low volatility and low momentum in to the Binance coin market.

Binance coin is hovering over 9 periods EMA and 21 periods EMA as a sign of ranging market. The relative strength index period 14 is above 40 levels and the signal line pointing down to indicate sell signal.

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