BNBUSD Price Analysis – June 11
In case the support level of $311 holds, the price will continue its uptrend movement towards the resistance level of $364, $420 and $503. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $311 which may decrease further to $254 and $196 levels.
BNBUSD Market
Key levels:
Resistance levels: $364, $420, $503
Support levels: $311, $254, $196
BNBUSD Long-term trend: Bearish
Binance coin is bearish on the daily chart. The coin was bullish last week as it was heading towards the resistance level at $503. The sellers interrupted the bulls at the $420 price level with the formation of bearish engulfing candle. The price decreases towards the support level at $311 after it penetrates $364 level downside. The price is currently decreasing below the $364 level.
The Binance Coin is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 40 levels with the signal lines displaying no specific direction. In case the support level of $311 holds, the price will continue its uptrend movement towards the resistance level of $364, $420 and $503. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $311 which may decrease further to $254 and $196 levels.
BNBUSD medium-term Trend: Ranging
BNBUSD is ranging in the 4-hour chart. After the bouncing of Binance Coin at the support level of $254, it hits the $364 level and pulled back. The bulls loses their momentum and the price could not increase further. Also, the bears lose momentum and this brought low volatility and low momentum in to the Binance coin market.
Binance coin is hovering over 9 periods EMA and 21 periods EMA as a sign of ranging market. The relative strength index period 14 is above 40 levels and the signal line pointing down to indicate sell signal.
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