Binance Coin (BNBUSD) Price: Bulls Are Opposing Bears at $256 Support Level

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 Binance coin may increase

BNBUSD Price Analysis – 25 November

When buyers gain more pressure the resistance level of $300 may be penetrated upside and the resistance levels of $330 and $361 may be tested. In case sellers break down the $276 support level, Binance Coin may decrease toward the $256 and $239 support levels.

BNB/USD Market

Key levels:

Supply levels: $300, $330, $361

Demand levels: $276, $256, $239

BNBUSD Long-term Trend: Bullish

BNBUSD is bearish on the long-term outlook. The bullish movement was rejected at the resistance level of $361 on 05 November. Buyers could not push the price above $330. Bears gained more pressure and push down the price toward the support level of $276. There was a sudden negative reaction from the buyers which pushed up the coin to retest the resistance level of $300. The following day bears returned to the market with full force, the $256 level was tested. At the moment the price is increasing, trying to break up the $300 level.

The price is trading slightly above the two EMAs indicating that buyers are dominating the market at the moment and the fast-moving EMA (9-periods) is crossing the slow-moving EMA (21-periods) upside. When buyers gain more pressure the resistance level of $300 may be penetrated upside and the resistance levels of $330 and $361 may be tested. In case sellers break down the $276 support level, the price may decrease toward the $256 and $239 support levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4-hour chart.  The support level of $256 stands as a strong barrier to the Binance coin bearish movement. An increase from the buyers pushes the coin to break up the $276 resistance levels. At the moment, the crypto is testing the $300 resistance. A further price increase is possible.

The Binance Coin is trading above the 9-periods EMA and 21-periods EMA which indicates that sellers are in control of the Binance coin market.

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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.