Binance Coin (BNBUSD) Price Is Targeting $503 Resistance Level

8 October 2021 | Updated: 8 October 2021

BNBUSD Price Analysis – October 08

Binance Coin may continue a bullish movement as the daily candle closes above the $430 level, the resistance levels of $599 and $678 may be tested. Inability to propel the price to $503 level by the bulls, it may leads to bearish movement towards $430, $364 and $311 levels.

BNB/USD Market

Key levels:

Supply levels: $503, $599, $678

Demand levels: $430, $364, $311

 

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. Binance Coin change direction to bullish when the price declined to reach the support level of $311. On September 28, a candle pattern called ‘Morning star’ appeared. The price followed the direction of the candle pattern and increases to break up the former resistance level of $364. The bullish pressure extends to $434 resistance level where it is currently consolidating.

BNBUSD Daily chart, October 08

The Binance Coin is trading above the two EMAs which indicate that bulls are in control of the market. The fast moving EMA (9 periods) has crossed the slow moving EMA (21 periods) upside. Binance Coin may continue a bullish movement as the daily candle closes above the $430 level, the resistance levels of $599 and $678 may be tested. Inability to propel the price to $503 level by the bulls, it may leads to bearish movement towards $430, $364 and $311 levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. The sellers lose control over the Binance coin at the support level of $311 on September 26. The coin bounces towards north. Former resistance level of $364 has turned to support level. At the moment, the price is consolidating at the resistance level of $433.

BNBUSD 4-hour chart, October 08

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

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.