Binance Coin (BNBUSD) Is Targeting $300 as Market Gets Traction

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 Buyers’ momentum increases in Binance Coin market

BNBUSD Price Analysis – 13 January

Binance Coin may hit heights of $330 and $361 if buyers get traction and push it beyond the $300 resistance level. Price may drop to the $256 and $240 support levels if sellers exert more pressure and drive the price below the $276 level of support.

BNB/USD Market

Key levels:

Supply levels: $300, $330, $361

Demand levels: $276, $256, $240

BNBUSD Long-term Trend: Bullish

The long-term forecast for BNBUSD is one of upward progression. When the price was rejected at the $300 resistance level on November 28. The sellers’ pressure increased, and the last support level of $276 was broken. The previous support level of $256 failed to hold, and the cryptocurrency fell toward $240 level. The Binance Coin market reached the $219 support level. The price bounced up and rose to the $256 barrier level on December 22. Between the $256 and $240 levels when the price started to converge. On January 4, the pressure from the buyers increased, and the price broke through the $256 and $276 levels. It is currently targeting $300 resistance level.

Binance Coin is trading above the 21-period EMA and the 9-period EMA. The fast EMA (9 periods) has crossed the slow EMA (21 periods) upside. Binance Coin may hit heights of $330 and $361 if buyers get traction and push it beyond the $300 resistance level. Price may drop to the $256 and $240 support levels if sellers exert more pressure and drive the price below the $276 level of support.

BNBUSD medium-term Trend: Bullish

Binance Coin is moving in a bullish pattern on the 4-hour chart. On December 17, the Binance Coin tested the $219 support level due to the downward trend it has been experiencing. A solid pin bar formed, indicating increased pressure from the bulls. The $240 resistance level is broken as the price rises. The price of the coin is currently higher than $276.

The Binance Coin is currently trading above the 9- and 21-period exponential moving averages, which show that buyers’ momentum is stronger than the bears.

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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.