Binance Coin (BNBUSD) Price Is Struggling to Break Up a Significant Level of $503

Updated:

BNBUSD Price Analysis – October 29

Ability to break up the $503 resistance level may increase the price to $599 and $678 resistance level. Inability to break above the resistance level of $503 may reduce the price of Binance coin to $430, $364 and $311.

BNB/USD Market

Key levels:

Supply levels: $503, $599, $678

Demand levels: $430, $364, $311

BNBUSD Long-term Trend: Bullish

On the long-term outlook, BNBUSD is bullish. Binance Coin found support at $311 level on September 28. It bounces up to break up $364 and $430 levels. The price retracement was carried out. Bullish movement was restored on October 11 and the price increases to test $503 level on October 20. It pulled back last week to retest the support level of $430. Yesterday, a daily bullish candle formed to push the price above $430 level.

BNBUSD Daily chart, October 29

The fast moving EMA (9 periods) remains above the slow moving EMA (21 periods). The Binance Coin is trading above the two EMAs which indicate that bulls are holding onto the market. Ability to break up the $503 resistance level may increase the price to $599 and $678 resistance level. Inability to break above the resistance level of $503 may reduce the price of Binance coin to $430, $364 and $311.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. The Crypto tested the support level of $430 on October 27, the bears could not push down the price further. A strong bullish candle formed which is an indication of the bulls’ interruptions. The coin increases towards the resistance level of $503. It is trying to pull back at the moment.

BNBUSD 4-hour chart, October 29

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.