BNBUSD Price Analysis – November 26
Should the resistance level of $678 is broken upside, the price may increase to $758 which may extend to $850. In case the resistance level of $678 holds, the price may reverse and resume a bearish movement towards the support levels of $599, $540 and $503.
BNB/USD Market
Key levels:
Supply levels: $678, $758, $850
Demand levels: $599, $540, $503
BNBUSD Long-term Trend: Bearish
On the long-term outlook, BNBUSD is bullish. The formation of double top chart pattern led to the falling of the Binance price to $540 level. A bullish engulfing candle emerged to interrupt the bears at the support level of $540. Binance Coin is increasing at the moment and the $599 level has been penetrated upside. Further increase in the Binance price has placed the price above the resistance level of $599 and it is targeting the resistance level of $678.
The Binance Coin is trading above the two EMAs at distance which indicate that bullish momentum is increasing in the Binance market. The fast moving EMA (9 periods) is trying to cross the slow moving EMA (21 periods) upside. Should the resistance level of $678 is broken upside, the price may increase to $758 which may extend to $850. In case the resistance level of $678 holds, the price may reverse and resume a bearish movement towards the support levels of $599, $540 and $503.
BNBUSD medium-term Trend: Bullish
Binance coin is on the bullish movement on the 4 hour chart. Bears were in control of the Binance market last week after the formation of double top chart pattern. It reduced towards the support level of $599 and extended to $540 support level. There was an interruption from the bulls with the formation of bullish engulfing candle. The price is moving towards the previous high at $678 at the moment.
The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are ruling the Binance market.
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