Binance Coin (BNBUSD) Price Pulls Back at $503 Resistance Level, Bullish Trend May Continue

22 October 2021 | Updated: 22 October 2021

 

BNBUSD Price Analysis – October 22

Binance Coin pulls back to retest the dynamic resistance level and may continue a bullish movement as the daily candle opens the market today, above the $503 level are found resistance levels of $599 and $678. Inability to propel the price above $503 level by the bulls may leads to bearish movement towards $430, $364 and $311 levels.

BNB/USD Market

Key levels:

Supply levels: $503, $599, $678

Demand levels: $430, $364, $311

 

BNBUSD Long-term Trend: Bullish

On the long-term outlook, BNBUSD is bullish. Binance Coin has been under the control of the bulls since the day price tested the support level of $311. A candle pattern called ‘Morning star’ formed at the mentioned level. The price soars towards the direction dictated by the candle pattern. It increases to penetrate the former resistance level of $364 and $430. The bullish pressure has pushed the coin to test the $503 resistance level.

BNBUSD Daily chart, October 22

The Binance Coin retain its trading above the two EMAs which indicate that bulls are holding onto the market. The fast moving EMA (9 periods) remains above the slow moving EMA (21 periods). Binance Coin pulls back to retest the dynamic resistance level and may continue a bullish movement as the daily candle opens the market today, above the $503 level are found resistance levels of $599 and $678. Inability to propel the price above $503 level by the bulls may leads to bearish movement towards $430, $364 and $311 levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. On October 12, the bears could not push down the price further as the bulls interrupts the bearish movement with the formation of strong bullish candle. Binance coin broke up the resistance level of $430 and increase towards the resistance level of $503.

BNBUSD 4-hour chart, October 22

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are dominating the 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.