Binance Coin (BNBUSD) Price May Reverse at $209 Support Level

Updated:

BNBUSD Price Analysis – May 13

An increase in the sellers’ momentum will push down the Binance Coin to break the support level of $256 which may decrease further to $209 and $150 levels. Inability to break down the support level of $256 by the bears, BNBUSD will break up the $325 and bullish trend may continue to the resistance levels at $397, and $456.

BNBUSD Market

Key levels:

Resistance levels: $325, $397, $456,

Support levels: $256, $209, $150

BNBUSD Long-term trend: Bearish

On the daily chart, Binance coin is bearish. The bearish breakout at the former support level of $397 last two weeks give more power to the sellers to push down the crypto towards the support level of $256 last week. The bearish momentum increased when a big daily bearish candle formed which break down the $256 level and the $209 level was reached. The price is currently pulling back.

The coin is trading below the 9 periods EMA and 21 periods EMA at distance after crossing the fast moving average and the slow moving average downside. This indicate that the bears’ momentum is increasing in the Binance coin market. The Relative Strength Index period 14 is at 35 levels with the signal lines pointing up to indicate buy signal. An increase in the sellers’ momentum will push down the Binance Coin to break the support level of $256 which may decrease further to $209 and $150 levels. Inability to break down the support level of $256 by the bears, BNBUSD will break up the $325 and bullish trend may continue to the resistance levels at $397, and $456.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The price was ranging within the $456 and $397 levels two weeks ago. The bears exerts more pressure and there was a breakout at the $397 level. The price decline to the support level at $209 after breaks down the support levels of $325 and $256. At the moment, the price is pulling back in respect to the pin bar formed at $209 level.

Binance coin is trading below 9 periods EMA and 21 periods EMA at close contact which indicate an increase in the bulls’ momentum.

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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.