Binance Coin (BNBUSD) Tests $330 Resistance Level, What Next?

Updated:

 BNBUSD Price Analysis – August 12

When bulls break up the $330 resistance level, price may increase to the $361 and $400 resistance levels. An increase in bears’ momentum may break down the support level of $286, then, Binance Coin may decline to $256 and $209 levels.

BNB/USD Market

Key levels:

Supply levels: $330, $361, $400

Demand levels: $286, $256, $209

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The crypto is under the pressure of the buyers for more than three weeks. The scenario started when the price action formed an inverted head and shoulder chart pattern. Former resistance levels of $256 and $286 have turned to support levels.  The predicted target level is reached at $330 level. The coin is struggling to break up the mentioned level.

The price is trading above the two EMAs which indicate that Buyers are dominating the Binance coin market. The fast moving EMA (9 periods) is above the slow moving EMA (21 periods). The two EMAs are separated to indicate an increase in the bulls’ momentum. When bulls break up the $330 resistance level, price may increase to the $361 and $400 resistance levels. An increase in bears’ momentum may break down the support level of $286, then, Binance Coin may decline to $256 and $209 levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart.  The Binance coin is testing the last week predicted target level at the resistance level of $330, after the formation of an inverted head and shoulder chart pattern. The price has broken up the resistance levels of $256 and $286. More pressure from the bulls may lead to the breaking up of the $330 resistance level.

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are in control of Binance coin 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.