Buyers’ momentum decreases in Binance Coin market
BNBUSD Price Analysis – 20 January
In case buyers gain more momentum Binance Coin may break up heights of $300 and $314, later may reach the $330 resistance level. Price may break down the $276 support level to test the $255 and $240 support levels.
BNB/USD Market
Key levels:
Supply levels: $300, $314, $330
Demand levels: $276, $255, $240
BNBUSD Long-term Trend: Bullish
BNBUSD long-term outlook is bullish. On November 28, the price was rejected at the $300 resistance level. The previous support level of $276 was breached as the sellers applied more pressure. The cryptocurrency declined toward the $240 level as the previous support level of $256 failed to hold and it tested the $219 support level. On December 17, the price had a rebound and increased to the $255 threshold. The price began to consolidate between the $255 and $240 levels. On January 4, the price passed through the $255 and $276 barrier, and the resistance level of $300 was reached. It is currently pulling back toward the $276 level.
Binance Coin is trading between the 21-period EMA and the 9-period EMA. The fast EMA (9 periods) remains above the slow EMA (21 periods). In case buyers gain more momentum Binance Coin may break up heights of $300 and $314, later may reach the $330 resistance level. Price may break down the $276 support level to test the $255 and $240 support levels.
BNBUSD medium-term Trend: Bearish
Binance Coin is bearish on the 4-hour chart. Due to the downward trend, it has been experiencing, the Binance Coin tested the $219 support level on December 17. Indicating additional pressure from the bulls, a firm pin bar formed at $219 level. As the price increases, the $255, and $276 resistance level is broken and the high of $300 was reached. Sellers reacted against the increase and currently pushing the price toward the $276 level.
The Binance Coin is currently trading below the 9- and 21-period exponential moving averages, which show that the sellers’ momentum is stronger than the buyer’s.
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