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.
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.
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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