Binance Coin (BNBUSD) Price May Retest $364 Level Before Bullish Trend Continues
Login

Binance Coin (BNBUSD) Price May Retest $364 Level Before Bullish Trend Continues

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

Azeez Mustapha

Updated:


BNBUSD Price Analysis – June 04

In case the support level of $364 holds, the price will continue its uptrend movement towards the resistance level of $503 and $599. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels.

BNBUSD Market

Key levels:

Resistance levels: $420, $503, $599

Support levels: $364, $311, $254

BNBUSD Long-term trend: Bullish

Binance coin is bullish on the daily chart. The bearish pressure under which Binance Coin was operating for more than two weeks pushed the price to found support at $254 on May 23. A bullish engulfing candle formed at the same level the following day. This is what made the price reversed. The price increases to $420. Today, the daily bearish candle open the market and it seems it will pull back before the continuation of bullish trend.

BNBUSD Daily chart, June 04

The Binance Coin is pulling back at the moment. It is trading between the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 40 levels with the signal lines pointing down to indicate sell signal. In case the support level of $364 holds, the price will continue its uptrend movement towards the resistance level of $503 and $599. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels.

BNBUSD medium-term Trend: Bullish

BNBUSD is bullish in the 4-hour chart. Binance Coin bounced at the support level of $254, it hits the $364 level and pulled back before it increases to $420. The price action in the 4 hour chart has formed a short “W” chart pattern. It means the price may increase to $599 resistance level. Sellers are dominating the market today and the price is pulling back to retest $364 level.

BNBUSD 4 hour chart, June 04

Binance coin is trading below 9 periods EMA and 21 periods EMA as a bearish sign which may be a pullback.Coin

You can purchase crypto coins here: Buy coins

  • 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