Binance Coin (BNBUSD) Price May Decrease to $329 Level

Updated:

BNBUSD Price Analysis – May 06

The price may continue its bearish movement if the daily candle close below the $329 level, the support levels of $256 and $200 may be the target. Inability to break down the $329 level by the bears may leads to bullish trend towards $397, $456 and $516 levels.

BNB/USD Market

Key levels:

Supply levels: $397, $456, $516

Demand levels: $329, $256, $200

 

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The coin followed the direction of the double top chart pattern formed on April 01. It is a bearish signal and the bears hold unto the Binance Coin market. Former support level of $397 has turned to resistance level. The mentioned price level was penetrated downside on April 29 currently heading towards $329 level.

The Binance Coin pulls back to retest the dynamic resistance levels, it continue trading below the two EMAs which indicate that bears are still in control of the market. The fast moving EMA (9 periods) remains below the slow moving EMA (21 periods). The price may continue its bearish movement if the daily candle close below the $329 level, the support levels of $256 and $200 may be the target. Inability to break down the $329 level by the bears may leads to bullish trend towards $397, $456 and $516 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The sellers are still holding unto the Binance coin market as the support level of $397 was penetrated yesterday. The buyers could interrupt the bearish movement and the low of $329 may be reached. The price pulls back to retest the dynamic resistance levels.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers are gradually returning in to 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.