Binance Coin (BNBUSD) Price: Bullish Breakout Envisaged

Updated:

BNBUSD Price Analysis – June 03

Should the sellers break down the support level of $286, the price may decrease to $256 level, continue its downtrend movement towards the support level of $209. Conversely, more pressure from the buyers may push up the Binance Coin to break the resistance level of $330 which may increase further to $400 and $456 levels.

BNBUSD Market

Key levels:

Resistance levels: $330 $400, $456

Support levels: $286, $256, $209

BNBUSD Long-term trend: Ranging

Binance coin is ranging on the daily chart. The crypto is on the ranging movement since two weeks ago.  The ranging movement is within the $330 and $286 price level. There is no increase in the bears’ pressure and the bulls’ pressure is lower than the barrier at $286 and $330 levels respectively.  The price is trading within the just mentioned levels.

The Binance Coin is trading over and around the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 44 levels with the signal lines displaying no specific direction. Should the sellers break down the support level of $286, the price may decrease to $256 level, continue its downtrend movement towards the support level of $209. Conversely, more pressure from the buyers may push up the Binance Coin to break the resistance level of $330 which may increase further to $400 and $456 levels.

BNBUSD medium-term Trend: Ranging

BNBUSD is ranging in the 4-hour chart.  The resistance level of $330 holds and the bulls could not push the coin above it. Likewise, the support level of $286 is repelling the sellers’ pressure. The price is currently ranging within the $330 and $286 support level. Ranging movement may continue until there is a breakout.

Binance coin is hovering over and around the 9 periods EMA and 21 periods EMA as a sign of ranging market. The relative strength index period 14 is at 44 levels and the signal line pointing down to indicate sell 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.