Binance Coin (BNBUSD) Price Breaks Up $256 Level Targeting $276 Level

In the Binance Coin market, the momentum of the buyers is increasing

BNBUSD Price Analysis – 06 January

When buyers gather momentum and push up Binance Coin above the $276 resistance level, it might reach heights of $300 and $330. In case sellers’ pressure increases and the price is forced below the $254 level of support, the price may fall to the $240 and $219 support levels.

BNB/USD Market

Key levels:

Supply levels: $276, $300, $330

Demand levels: $256, $240, $219

BNBUSD Long-term Trend: Bullish

BNBUSD’s long-term outlook is on the bullish movement. Following the rejection of the price at the $300 barrier level on November 28. The previous support level of $276 was breached as the sellers’ pressure grew. The cryptocurrency sank in the direction of level $240 as the previous support level of $256 failed to hold. Sellers predominated the Binance Coin market until the $219 support level was tested. On December 22, the price increased to the $256 resistance level. The price started consolidating between the $256 and $240 levels. On January 04, the buyers gained more pressure and the price breaks up $256 level, currently exposes to the $276 level.

Binance Coin is showing signs of a bullish market by trading above the 21-period EMA and the 9-period EMA. The fast EMA (9 periods) has crossed the slow EMA (21 periods) upside. When buyers gather momentum and push up Binance Coin above the $276 resistance level, it might reach heights of $300 and $330. In case sellers’ pressure increases and the price is forced below the $254 level of support, the price may fall to the $240 and $219 support levels.

BNBUSD medium-term Trend: Bullish

On the 4-hour chart, Binance Coin is moving in a bullish pattern. Due to the negative trend, it has been going through, the Binance Coin tested the $219 support level on December 17. Indicating additional pressure from the bulls, a firm pin bar formed. As the price increases, the $240 resistance level is broken. The coin’s value is currently above $256 level.

The Binance Coin is currently trading above the 9- and 21-period exponential moving averages, which show that buyers’ momentum is stronger than the bears.

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