Binance Coin (BNBUSD) Price Bounces Off $678 Resistance Level, Bearish Movement May Commence

BNBUSD Price Analysis – November 12

In case the resistance level of $678 holds the price may reverse and face the support levels of $599, $503and $430. Further increase in the bulls’ pressure may break up $678 and price may increase to $758 and $828 levels.

BNB/USD Market

Key levels:

Supply levels: $678, $758, $828

Demand levels: $599, $503, $430

BNBUSD Long-term Trend: Bullish

On the long-term outlook, BNBUSD is bullish. On September 28, Binance Coin found support at $311 level. The price turned upside to break up $430 and $503 levels with the aid of strong bullish momentum. Bullish momentum increases and extend to break up the former resistance level of $599 and the price increases to test $678 level. It is pulling back since last week and it is currently testing the support level of $599.

The fast moving EMA (9 periods) remains above the slow moving EMA (21 periods). The Binance Coin is trading above the two EMAs at close contact which indicate that bulls’ momentum is becoming weak in the Binance market. In case the resistance level of $678 holds the price may reverse and face the support levels of $599, $503and $430. Further increase in the bulls’ pressure may break up $678 and price may increase to $758 and $828 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The Crypto tested the resistance level of $675 on November 07, the bulls could not push up the price further. A strong bearish candle formed which is an indication of the bears’ interruptions. The coin decreases towards the support level of $572. It is trying to break down $599 level at the moment.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers are dominating the market.

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