Binance Coin (BNBUSD) Price Is Targeting $599 Resistance Level

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Annual Forecast for Binance Coin (2022)

Inability to break down the support level of $430 by the bears, BNBUSD may break up the $503 and bullish trend may commence to the resistance levels at $599, and $678. Further increase in the sellers’ momentum will push down the Binance Coin to break the support level of $430 and if the daily candle stick close below it, then, the price may decrease further to test the $364 and $254 support levels.

BNBUSD Market

Key levels:

Resistance levels: $503, $599, $678

Support levels: $430, $364, $254

BNBUSD Long-term trend: Bearish

Binance coin is bearish on the weekly chart. The crypto was at low level below $430 at the beginning of last year. The bulls gained momentum in the month of February with the formation of bullish candles. The bullish pressure pushed the price to $678 resistance level in the month of May. The mentioned level resisted further price increase. A strong weekly bearish candles emerged and the price dropped to $254 level. The previous high was retested in November when bulls exerted more pressure. An evening star candle pattern was produced and the price declines towards the previous low.

BNBUSD Weekly chart, January 14

Binance Coin has penetrated the fast moving average and the slow moving average downside. The coin is trading below the 9 periods EMA and 21 periods EMA at distance which indicate that the bears’ momentum is gradually increasing in the Binance coin market. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal. Inability to break down the support level of $430 by the bears, BNBUSD may break up the $503 and bullish trend may commence to the resistance levels at $599, and $678. Further increase in the sellers’ momentum will push down the Binance Coin to break the support level of $430 and if the daily candle stick close below it, then, the price may decrease further to test the $364 and $254 support levels.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The price tested the resistance level of $678 twice after the price increase from the support level of $364. The scenario took place between February and May last year. Bulls find it difficult to break up the resistance level of $678. Bearish momentum increased and the price decreases to $430 level.

BNBUSD Daily chart, January 14

Binance coin is trading below 9 periods EMA and 21 periods EMA which indicate an increase in the bears’ momentum. Previous low of $254 may be tested.

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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.