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BNBUSD Price Analysis – May 21
An increase in the sellers’ momentum will push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels. Inability to break down the support level of $364 by the bears, BNBUSD will break up the $420 and bullish trend may continue to the resistance levels at $503, and $599.
Resistance levels: $420, $503, $599,
Support levels: $364, $311, $254
BNBUSD Long-term trend: Bearish
On the daily chart, Binance coin is bearish. The bearish breakout at the former support level of $599 last two weeks give more power to the sellers to push down the crypto towards the support level of $503 last week. The bearish momentum increased when a big daily bearish candle formed which break down the $420 and $376 levels and the $254 level was reached. The price is currently pulling back.
The coin is trading below the 9 periods EMA and 21 periods EMA at distance after crossing the fast moving average and the slow moving average downside. This indicate that the bears’ momentum is increasing in the Binance coin market. The Relative Strength Index period 14 is at 20 levels with the signal lines pointing down to indicate sell signal. An increase in the sellers’ momentum will push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels. Inability to break down the support level of $364 by the bears, BNBUSD will break up the $420 and bullish trend may continue to the resistance levels at $503, and $599.
BNBUSD medium-term Trend: Bearish
BNBUSD is bearish in the 4-hour chart. The price was ranging within the $678 and $599 levels two weeks ago. The bears exerts more pressure and there was a breakout at the $599 level. The price decline to the support level at $311 after breaks down the support levels of $503 and $420. At the moment, the price is pulling back in respect to the pin bar formed at $311 level.
Binance coin is trading below 9 periods EMA and 21 periods EMA at close contact which indicate an increase in the bulls’ momentum.
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