Binance Coin (BNBUSD) Is Breaking Up $332 Resistance Level

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 Sellers are dominating Binance Coin market

BNBUSD Price Analysis – 17 March

In case buyers gain more momentum, Binance Coin may surpass its most recent highs of $332 and $361 and finally close on the psychological level of $432. If sellers defend $332 resistance level, the $314 support level may be penetrated downside and test the $300 and $298 support levels.

BNB/USD Market

Key levels:

Supply levels: $332, $361, $432

Demand levels: $314, $300, $298

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook.  On 10 March, the low support level of $276 was tested. The bears’ momentum and the development of a powerful bullish pin bar opposed the bearish momentum. Following the scenario is the formation of strong bullish candles, this pushes up the price to break up the resistance levels of $300 and $314. At the moment, the price is struggling to break up the $332 resistance level.

The 9-period EMA is crossing the 21-period EMA upside as an indication of a bullish movement. The resistance level of $332 is currently proving difficult for Binance Coin’s price to overcome. In case buyers gain more momentum, Binance Coin may surpass its most recent highs of $332 and $361 and finally close on the psychological level of $432. If sellers defend $332 resistance level, the $314 support level may be penetrated downside and test the $300 and $298 support levels.

BNBUSD medium-term Trend: Bullish

Binance Coin is bullish on the 4-hour chart. The sellers lose their momentum when the price was pushed to test the support level of $276. The bearish pressure stopped at that point. A Marubozu candle pattern formed and there was a bullish reversal at the point.  The price increases steadily to the $332 level.

Binance Coin has broken up the $314 level upside. At the moment, Binance Coin is trading above the 9- and 21-period exponential moving averages, which indicate that buyers are in control of Binance Coin market.

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