Binance Coin (BNBUSD) Price: Bulls Dominate, Targeting $430 Resistance Level

1 October 2021 | Updated: 1 October 2021

BNBUSD Price Analysis – October 01

The price may reach the resistance level of $430, in case the mentioned level is broken up, the resistance levels of $503 and $599 will be the target.  Should the bears defend the resistance level of $430, the price may fall towards the support levels of $364, $311 and $254.

BNB/USD Market

Key levels:

Supply levels: $430, $503, $599

Demand levels: $364, $311, $254

 

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The formation of the double top chart pattern is completed at the support level of $311 on September 28. The bulls gained more momentum with the formation of strong daily bullish candle. The former resistance level of $364 is already broken up and the price is increasing towards the resistance level of $430.

BNBUSD Daily chart, October 01

The Binance Coin is trading above the two EMAs as an indication of bullish trend. The fast moving EMA (9 periods) is trying to cross the slow moving EMA (21 periods). The price may reach the resistance level of $430, in case the mentioned level is broken up, the resistance levels of $503 and $599 will be the target.  Should the bears defend the resistance level of $430, the price may fall towards the support levels of $364, $311 and $254.  The relative strength index period 14 is at 50 level pointing upside indicating buy signal.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. The sellers had successfully pushed the price to the low of $311 support level on September 26. There was a negative reaction from the buyers with the formation of bullish engulfing candle. The bullish movement commenced and the price increases to break the resistance level of $364. The bullish momentum is extending towards to $430 level.

BNBUSD 4 hour chart, October 01

 

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are dominating the 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.