Sellers are dominating Binance’s Coin market
BNBUSD Price Analysis – 10 February
Should sellers gain more steam, Binance Coin may break through its recent lows of $300 and $276 and eventually approach the $253 barrier mark. If buyers defend the support level of $300, the price might breach the $314 level of resistance and test the $330 and $361 resistance levels.
BNB/USD Market
Key levels:
Supply levels: $314, $330, $361
Demand levels: $300, $276, $253
BNBUSD Long-term Trend: Bearish
BNBUSD is bearish on the long-term outlook. Last week, the coin was under the control of the buyers, and the price increased to the high of $314 level. On 03 February the sellers defended the just mentioned level. The price pulled back and retested dynamic support levels. Yesterday, a strong and big daily bearish candle emerged and the support level of $314 was breached. The coin tested the $300 level today and pulled back. Further price reduction is envisaged if bears exert more pressure.
Binance coin is trading below the $314 level. The 9-period EMA is above the 21-period EMA and Binance Coin is trading below the two. Should sellers gain more steam, Binance Coin may break through its recent lows of $300 and $276 and eventually approach the $253 barrier mark. If buyers defend the support level of $300, the price might breach the $314 level of resistance and test the $330 and $361 resistance levels.
BNBUSD medium-term Trend: Bearish
Binance Coin is bearish on the 4-hour chart. When the Binance Coin tested the $314 resistance level last week, the bullish momentum became weak. At the same time, bearish pressure was at zero level. The crypto commenced a consolidation movement. Strong pressure from the bears terminated the ranging movement. The price declines toward the support level of $300. At the moment, Binance Coin is trying to penetrate the $300 level downside.
The Binance Coin is currently trading below the 9- and 21-period exponential moving averages, which shows that sellers are in control of Binance Coin market.
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