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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


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.

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News