Binance Coin (BNBUSD) Price; Sellers Reject Price Increase at $364 Level  

Binance Coin (BNBUSD) Price; Sellers Reject Price Increase at $364 Level  

BNBUSD Price Analysis – May 28

More pressure from the sellers will push down the Binance Coin to break the support level of $311 which may decrease further to $254 and $196 levels. Inability to break down the support level of $311 by the bears, BNBUSD will break up the $364 and bullish trend may continue to the resistance levels at $420, and $503.

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 bears remain to hold unto the Binace coin market. The bearish momentum pushed the price $254 level before pulling back. The support level of $196 is tested and the price bounces, pulled back to retest $364 level.  Further price increase is prevented by the dynamic resistance level. It is currently descending towards the $311 level.

BNBUSD daily chart, May 28

The bears’ momentum is increasing in the Binance coin market. It is trading below the 9 periods EMA and 21 periods EMA after crossing the fast moving average and the slow moving average downside. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing down to indicate sell signal. More pressure from the sellers will push down the Binance Coin to break the support level of $311 which may decrease further to $254 and $196 levels. Inability to break down the support level of $311 by the bears, BNBUSD will break up the $364 and bullish trend may continue to the resistance levels at $420, and $503.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The sellers are rejecting the opposition force from the buyers. The price tested the support level of $196 on May 23, the bears momentum failed and a pin bar candle formed at the same level indicating a pressure from the bulls. The price increased to $364 level after penetrating $323 price level. The bears defends the $364 level and the price is decreasing to retest the $311 price level.

BNBUSD 4 hours, May 28

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.