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BNBUSD Coin may soar higher
BNBUSD Price Analysis 17 June
In case sellers gain more momentum before closing below the $240 psychological level, Binance Coin may crash to its most recent lows of $219 and $200. If buyers can fight the $254 resistance level, the $276 resistance level can be breached on the upside, testing the $286 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. A bearish trend started when the Binance currency reached its peak on March 18 at $348. When the bullish trend came to an end, sellers took over. The price oscillates within a constrained range for a few days before dropping beneath the $314 support level. The $300 level came under increased pressure as the bearish trend grew stronger. As allowed by the $286 barrier, the price fell below the $276 and $254 levels. It seems the buyers are opposing further price reduction at $240 support level.
The downward crossover of the 21-period EMA by the 9-period EMA suggests a bearish swing. The two EMAs are currently being outperformed by the price of the Binance Coin. In case sellers gain more momentum before closing below the $240 psychological level, Binance Coin may crash to its most recent lows of $219 and $200. If buyers can fight the $254 resistance level, the $276 resistance level can be breached on the upside, testing the $286 resistance level.
BNBUSD medium-term Trend: bullish
On the four-hour chart, Binance Coin is bullish. At a price of $219 on 12 June, the double bottom chart pattern appeared, signaling that the market is about to be taken over by buyers. The $253 barrier level forced price test decreased sellers’ interest. Prices is gradually increasing toward $254 as buyers’ impetus grew. The price of the Binance currency may reach the resistance level of $276.
Indicating a bullish market, Binance Coin is now trading above the 9- and 21-period exponential moving averages. Relative strength index period 14 implies a buy when the signal line is pointing up at 56 levels.
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