Binance Coin (BNBUSD) Price: Bearish Rejection at $219 Support Level

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 In the Binance Coin market, the momentum of the sellers declines

BNBUSD Price Analysis – 23 December

Binance Coin may rise to heights of $276 and $300 if buyers gain momentum and break over the $256 resistance level. Price may drop to the $219 and $209 support levels if sellers’ pressure increases and the price is forced below the $240 level of support.

BNB/USD Market

Key levels:

Supply levels: $256, $276, $300

Demand levels: $240, $219, $209

 

BNBUSD Long-term Trend: Bearish

BNBUSD’s long-term outlook is bearish.

On November 28, there was a price rejection at the $300 barrier level. The prior support level of $276 was breached as the sellers’ pressure grew. The Crypto decreased toward the support level of $240 when the former support level of $256 could not hold.  Sellers dominate the Binance Coin market till the support level of $219 was tested. At the moment the price is pulling back to retest the dynamic resistance levels.

Binance Coin is trading below the two EMAs at close contact which indicates that the seller’s momentum is reducing. The fast-moving EMA (9 periods) remains below the slow-moving EMA (21 periods). The two EMAs are separated from each other indicating an increase in the bears’ momentum. An increase in buyers’ momentum may break up the resistance level of $256, and, Binance Coin may increase to $276, and $300 levels. In case the sellers’ pressure increases and then the price is pushed below the $240 support level, the price may decrease to the $219 and $209 support levels.

BNBUSD medium-term Trend: Bearish

Binance Coin is on the bearish movement on the 4-hour chart.  The bearish momentum under which the Binance Coin has been operating pushed the coin to test the support level of $219 on 17 December. A strong pin bar was formed which indicates an increase in the bulls’ pressure. Price increases and the resistance level of $240 is penetrated. The coin is currently trading within $256 and $240 levels.

The Binance Coin is trading around the 9-periods EMA and 21-periods EMA which indicates that sellers’ and buyers’ momentum is low.

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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.