Bulls may dominate BNBUSD Coin market soon
BNBUSD Price Analysis 23 June
Binance Coin may drop to its most recent lows of $219 and $200 if sellers get additional traction before closing below the $240 psychological level. The $276 resistance level can be broken on the upside, testing the $286 resistance level, if buyers can hold off against the $254 resistance level.
BNB/USD Market
Key levels:
Supply levels: $254, $276, $286
Demand levels: $240, $219, $200
BNBUSD Long-term Trend: Bearish
On the daily chart, BNBUSD is negative When Binance coin peaked on March 18 at $348, a bearish trend began. Sellers grabbed over as soon as the bullish trend ended. For a few days, the price fluctuates within a small range before tumbling below the $314 support level. As the bearish trend grew stronger, pressure on the $300 level rose. The price dropped below the $276 and $254 levels as permitted by the $286 barrier. The buyers appear to be against further price cuts at the $240 support level. At the moment, price is fluctuating between $254 and $240 levels.
A bearish swing is indicated by the downward crossover of the 21-period EMA by the 9-period EMA. The price of the Binance Coin is now outperforming the two EMAs. Binance Coin may drop to its most recent lows of $219 and $200 if sellers get additional traction before closing below the $240 psychological level. The $276 resistance level can be broken on the upside, testing the $286 resistance level, if buyers can hold off against the $254 resistance level.
BNBUSD medium-term Trend: Ranging
On the four-hour chart, Binance Coin is on ranging movement. The double bottom chart pattern first showed on June 12 at a price of $219, indicating that buyers are set to seize control of the market. The forced price test at $253 barrier level reduced sellers’ interest. Prices are gradually rising approaching $254 as demand from consumers has grown. The bulls’ and the bears’ momentum become low and the price is ranging within $254 and $240 levels.
Indicating a bearish market, Binance Coin is now trading below the 9- and 21-period exponential moving averages. Relative strength index period 14 implies a sell when the signal line is pointing down at 44 levels.
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