Binance Coin (BNBUSD) Price Breaks Up $599 Level, Targeting $663

Binance Coin (BNBUSD) Price Breaks Up $599 Level, Targeting $663

BNBUSD Price Analysis – April 30

Further increase in the buyers’ momentum will push the Binance Coin to the resistance level of $663 and if the daily candlestick close above it, then, the price may increase further to test the $758 and $850 resistance levels. Inability to break up the resistance level of $663 by the bulls, BNBUSD will decrease to the support levels at $599, $503, and $420.

BNBUSD Market

Key levels:

Resistance levels: $663, $758, $850

Support levels: $599, $503, $420

BNBUSD Long-term trend: Bearish

The bulls prevail over the bears in the BNBUSD market. The coin was under the pressure of the sellers last week and this decreased the price to the support level at $503. The buyers interrupts the sellers at the mentioned support level with the formation of bullish engulfing candle. The price is pushed up towards the resistance level at $599. Today, the price has broken up the just mentioned resistance level. The price is exposes to $663 level.

BNBUSD Daily chart, April 30

Binance Coin has penetrated the fast moving average and the slow moving average; it is trading above the 9 periods EMA and 21 periods EMA which indicate that the bulls are in control of the Binance coin market. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal. Further increase in the buyers’ momentum will push the Binance Coin to the resistance level of $663 and if the daily candlestick close above it, then, the price may increase further to test the $758 and $850 resistance levels. Inability to break up the resistance level of $663 by the bulls, BNBUSD will decrease to the support levels at $599, $503, and $420.

BNBUSD medium-term Trend: Bullish

BNBUSD is bullish in the 4-hour chart. The support level of $503 prevented further decrease in price due to the low bearish momentum. The price tested the level on 25 April, the Binance coin reverses and increase to break up $599 level. It is currently heading towards the resistance level at $663.

BNBUSD 4-hour chart, April 30

The price has penetrated 9 periods EMA and 21 periods EMA upside while the coin is trading above the two EMAs which connotes an increase in the bulls’ 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.