Binance (BNBUSD) Price Is Testing $433 Resistance Level Third Time, Bulls May Prevail

Azeez Mustapha
20 August 2021 | Updated: 20 August 2021

BNBUSD Price Analysis – August 20

The resistance level of $420 has turned to support level and price is exposed to the resistance levels of $503, $599 and $678. The support levels below the current price can be found at $420, $364 and $311.

BNB/USD Market

Key levels:

Supply levels: $433, $503, $599

Demand levels: $420, $364, $311

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. Last week, bulls dominate the coin’s market. Buyers’ momentum increases and the price equally increased. At the early period of last week market, the price consolidates at the resistance level of $420. On August 19, bulls gain more strength to break up the just mentioned level and it turns to support level. The price retest to $420 is ongoing at the moment.

BNBUSD Daily chart, August 20

 

The fast moving EMA (9 periods) is above the slow moving EMA (21 periods). The Binance Coin is trading above the two EMAs which indicate that bulls are in control of the Binance Coin market. The resistance level of $420 has turned to support level and price is exposed to the resistance levels of $503, $599 and $678. The support levels below the current price can be found at $420, $364 and $311.  The relative strength index period 14 is at 7o level with the signal line pointing up to indicate buy signal.

BNBUSD medium-term Trend: Bullish

Binance coin is bullish on the 4 hour chart. The bulls increase their pressure and break up the resistance level of $364. Price retest was carried to the broken level. The crypto increase to the resistance level of $433. The price is currently testing the resistance level of $433 third time and it is pulling back.

BNBUSD 4 hour chart, August 20

The Binance Coin is trading above 9 periods EMA and 21 periods EMA which indicate that Binance coin is under the buyers’ pressure.

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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.