Binance Coin (BNBUSD) May Retest $276 Level Before Bullish Movement Continues

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 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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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.