Binance Coin (BNBUSD) Price May Reach of $516 and $581 Levels

Updated:

BNBUSD Price Analysis – January 11

The daily candle closes above the $411 level, Binance Coin may continue a bullish movement towards the resistance levels of $516, $581 and $654. Inability to penetrate $516 level by the bulls may leads to bearish movement towards $411, $329 and $256 levels.

BNB/USD Market

Key levels:

Supply levels: $516, $581, $654

Demand levels: $402, $329, $256

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. After the formation of candle pattern called Hammer on January 24 at $329 support level. Binance Coin seems to change direction to bullish. It is gradually increasing to break up the resistance levels of $411. There was a price retracement on February 08 and it retested the support levels of $411. The coin is slowly increasing at the moment targeting $516.

The Binance Coin is trading slightly above the two EMAs which indicate that bulls are getting ready dominate the market. The fast moving EMA (9 periods) is slow crossing the fast moving EMA (21 periods) upside. The daily candle closes above the $411 level, Binance Coin may continue a bullish movement towards the resistance levels of $516, $581 and $654. Inability to penetrate $516 level by the bulls may leads to bearish movement towards $411, $329 and $256 levels.

BNBUSD medium-term Trend: Bullish

On the 4 hour chart, Binance coin is on the bullish movement. The bullish movement commences after the breakout from the ranging movement within $402 and $329 levels. Former resistance level of $402 has turned to support level when it penetrated the mentioned level. The coin pulled back to retest the dynamic support level.  At the moment, the coin is consolidating at the support level of $402.

The Binance Coin is trading around and over the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress in Binance Coin 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.