Binance Coin (BNBUSD) Price; Bulls Are Gathering Momentum to Dominate Market

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BNBUSD Price Analysis – January 28

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 $419 and bullish trend may continue to the resistance levels at $503, and $599.

BNBUSD Market

Key levels:

Resistance levels: $419, $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 three weeks give more power to the sellers to push down the crypto towards the support level of $419 last two week. The bearish momentum increased when a big daily bearish candle formed which break down the $419 and $364 level was reached. The price is currently pulling back.

BNBUSD Daily chart, January 28

 

The coin is trading below the 9 periods EMA and 21 periods EMA at close contact; this indicate that the bears’ momentum is decreasing in the Binance coin market. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing up to indicate buy 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 $419 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 $419 and $364 levels at the moment. The bears exerts more pressure and there was a breakout at the $599 level. The price decline to the support level at $364 after breaks down the support levels of $503 and $419. At the moment, the bears’ momentum and the bulls’ momentum seems to be equal.

BNBUSD 4-hour chart, January 28

Binance coin is trading around 9 periods EMA and 21 periods EMA which indicate a ranging market.

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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.