Binance (BNBUSD) Price: Will Resistance Level of $69 Hold the Price?

Azeez Mustapha
6 February 2021 | Updated: 6 February 2021
BNBUSD Price Analysis – February 05

When the bulls maintain their momentum there will be an increase in price to $61, if it is broken upside $69 and $74 resistance levels may be tested. In case the resistance level of $61 is defended by the bears, price may drop to $55, $51 and $44.

BNB/USD Market
Key levels:

Supply levels: $61, $69, $74

Demand levels: $55, $51, $44

BNBUSD Long-term Trend: Bullish

The Crypto is under the pressure of the bulls that means it is bullish in the daily chart. On February 02, the bulls pushes the price to reach the resistance level of $55 but it could not break it up; it pulled back to retest the support level of $44. The daily candle of February 02 ended up forming a Doji candle, which means indecision in the market.   The bulls gathered enough momentum and pushed up the price to break the resistance level of $51 and $55. The price is heading towards $61 price level.

BNBUSD Daily Chart, February 06

The distance between the 9 periods EMA and 21 periods EMA is increasing which indicates that the bulls’ momentum is increasing. When the bulls maintain their momentum there will be an increase in price to $61, if it is broken upside $69 and $74 resistance levels may be tested. In case the resistance level of $61 is defended by the bears, price may drop to $55, $51 and $44.

 BNBUSD medium-term Trend: Bullish

BNB price is under the bulls’ pressure. When the price breakout from the consolidation that occurred two weeks ago. The coin kept soaring higher towards the resistance level of $51 where it consolidates for short period of time. The bullish momentum pushes the crypto to test the resistance level of $61 on February 05.

MNBUSD 4 hour chart, February 06

The crypto is trading above the 9 periods EMA and 21 periods EMA which indicates that bullish trend may continue. The Relative Strength Index is at the overbought level pointing down above 80 levels indicates a sell signal.

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Azeez Mustapha

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.