Binance Coin (BNBUSD) Price: Bearish Breakout at $254 Level May Decline Price to $196

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BNBUSD Price Analysis – June 24

In case the bears breaks down the support level of $254, the price may decline to $196 level, continue its downtrend movement towards the support level of $142. On the other hand, more pressure from the buyers may push up the Binance Coin to break the resistance level of $311 which may increase further to $364 and $420 levels.

BNBUSD Market

Key levels:

Resistance levels: $311, $364, $420

Support levels: $254, $196, $142

BNBUSD Long-term trend: Bearish

Binance coin is bearish on the daily chart. The coin was on the ranging movement last week. The ranging movement was within the $420 and $311 price level. There was an increase in the bears’ pressure with the formation of strong daily bearish candle that penetrates the former support level of $311 downside. The price decreases to test the support level of $196. The price is currently pulling back to retest the dynamic resistance level.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is flat at 40 levels with the signal lines bending down indicating sell signal. In case the bears breaks down the support level of $254, the price may decline to $196 level, continue its downtrend movement towards the support level of $142. On the other hand, more pressure from the buyers may push up the Binance Coin to break the resistance level of $311 which may increase further to $364 and $420 levels.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart.  The sellers finally exerted more pressure on the Binance coin last week. The price bearishly breakout from the consolidation zone. The price decline towards the $254 support level. It pulls back last week to retest the resistance level of $311. It is currently returning to bearish trend.

Binance coin is trading below 9 periods EMA and 21 periods EMA as a sign of bearish market. The relative strength index period 14 is below 50 levels and the signal line pointing down to indicate sell signal.

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