Binance Coin (BNBUSD) May Continue a Bearish Movement

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Azeez Mustapha

Updated: 13 October 2022

BNBUSD Price Analysis – June 10

The price may continue its bearish movement if the daily candle close below the $286 level, the support levels of $256 and $209 may be the target. Inability to break down the $286 level by the bears may leads to bullish trend towards $330, $360 and $400 levels.

BNB/USD Market

Key levels:

Supply levels: $330, $360, $400

Demand levels: $286, $256, $209

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The coin followed the direction of the double top chart pattern formed at $400 level. It is a bearish signal and the bears holds unto the Binance Coin market. Former support level of $360 has turned to resistance level. The price level at $330 level was penetrated downside on May 09 but currently pulls back.

The Binance Coin pulls back to retest the resistance level of $330, it continue trading between the $330 and $286 levels. The price is trading below the two EMAs which indicate that bears are still in control of the market. The fast moving EMA (9 periods) remains below the slow moving EMA (21 periods). The price may continue its bearish movement if the daily candle close below the $286 level, the support levels of $256 and $209 may be the target. Inability to break down the $286 level by the bears may leads to bullish trend towards $330, $360 and $400 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The sellers are still holding unto the Binance coin market as the support level of $286 was penetrated last week. The buyers interrupted the bearish movement at the low of $209. The price pulls back to retest the dynamic resistance levels.