Binance Coin (BNBUSD) Price Is Targeting $239 Support Level

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 Sellers’ momentum increases in Binance Coin market

BNBUSD Price Analysis – 16 December

When the sellers push the price below the $239 support level, the price may decrease to the $219 and $209 support levels. An increase in buyers’ momentum may break up the resistance level of $256, and, Binance Coin may increase to $276, and $300 levels.

BNB/USD Market

Key levels:

Supply levels: $256, $276, $300

Demand levels: $239, $219, $209

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The sellers’ pressure increased and it broke down the former support level of $276, the price decreased to $256. The just-mentioned level could not hold the price, the Crypto decreased toward the support level of $239.  Sellers are dominating the Binance Coin market at the moment and the price is declining to the target $239 support level. The support level of $219 may be tested if sellers exert more pressure.

Binance Coin is trading below the two EMAs which indicates that sellers are ruling the world of the Binance Coin market. The fast-moving EMA (9 periods) is below the slow-moving EMA (21 periods). The two EMAs are separated from each other indicating an increase in the bears’ momentum. When the sellers push the price below the $239 support level, the price may decrease to the $219 and $209 support levels. An increase in buyers’ momentum may break up the resistance level of $256, and, Binance Coin may increase to $276, and $300 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4-hour chart.  The Binance Coin has been under the bears’ control since 27 November. The support level of $330 was penetrated downside with the aid of bears’ pressure. The bearish movement continues when the bears defended the $330 resistance level. The price is targeting the support level of $239.

The Binance Coin is trading below 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.