Binance Coin (BNBUSD) Price May Penetrate $599 Resistance Level

5 November 2021 | Updated: 5 November 2021

BNBUSD Price Analysis – November 05

An increase in the buyers’ momentum will push the Binance Coin to break up the resistance level of $599 and if the daily candlestick close above it, then, the price may increase further to test the $678 and $759 resistance levels. Inability to break up the resistance level of $599 by the bulls, BNBUSD may reverse to bearish trend to the support levels at $572, $540, and $503.

BNBUSD Market

Key levels:

Resistance levels: $599, $678, $758

Support levels: $572, $540, $503

BNBUSD Long-term trend: Bullish

Binance coin is bearish on the daily chart. Two weeks ago, the coin retraced to test the support level of $473. The bulls gained more pressure with the formation of bullish engulfing candle; the price increases to the resistance level of $540 after broken up the former resistance level of $503. The resistance level of $572 was penetrated by the bulls with the formation of a bullish engulfing candle.  The price is currently heading towards $599 level.

BNBUSD Daily chart, November 05

Binance Coin has penetrate the fast moving average and the slow moving average upside. However, it is trading above the 9 periods EMA and 21 periods EMA at distance which indicate that the bulls’ momentum is increasing in the Binance coin market. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal. An increase in the buyers’ momentum will push the Binance Coin to break up the resistance level of $599 and if the daily candlestick close above it, then, the price may increase further to test the $678 and $759 resistance levels. Inability to break up the resistance level of $599 by the bulls, BNBUSD may reverse to bearish trend to the support levels at $572, $540, and $503.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. When the bears could not push down the price further below the support level of $430. A strong bullish candle formed which is an indication of the bulls’ interruptions. The coin increases towards the resistance level of $540. It broke it up and extends to $572. It is currently increasing to $599.

BNBUSD 4 hour chart, November 05

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.