Binance Coin (BNBUSD) Price May Reach $678 provided $599 Level Does Not Hold

Updated:

BNBUSD Price Analysis – December 24

The price may increase to $678 and $758 resistance levels provided the resistance level at $599 does not hold. In case the just mentioned level holds, BNB price may decrease towards the support levels at $540, $503, and $430.

BNB/USD Market

Key levels:

Supply levels: $599, $678, $758

Demand levels: $540, $503, $430

 

BNBUSD Long-term Trend: Bearish

On the daily chart, BNBUSD is bearish. The BNB market experiences a big fall after the formation of double top chart pattern. The former support level of $599 was penetrated and turned to resistance level. The support level of $503 was tested and the price consolidate for many days before bulls gain momentum. The bulls’ pressure is gradually increasing and the price is increasing above $540 level.

BNBUSD Daily chart, December 24

The crypto seems to be increasing as more bullish candles are emerging above the support level of $540. The price is trading above 9 period Moving Averages but below 21 Moving average at a close contact to indicate bullish movement. The price may increase to $678 and $758 resistance levels provided the resistance level at $599 does not hold. In case the just mentioned level holds, BNB price may decrease towards the support levels at $540, $503, and $430.

BNBUSD medium-term Trend: Bullish

On the 4-hour chart, BNBUSD is bullish. The bearish momentum has decreased the price to the support level of $503. A bullish engulfing candle formed which triggered a bullish movement. The price is breaking up the resistance level of $540. It is exposes to the resistance level of $599.

BNBUSD 4-hour chart, December 24

The price has crossed the two EMAs upside and the price is trading above 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at the 60 level and the signal line pointing upside which indicates that the price may experience further bullish movement.

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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.