Bulls may take over the market
BNBUSD Price Analysis – 26 May
Binance Coin may reach its most recent lows of $300 and $286 if sellers get additional traction before closing below the psychological level of $276. The $314 resistance level can be broken on the upside, probing the $332 and $348 resistance levels, if buyers can hold off against the $300 support level.
BNB/USD Market
Key levels:
Supply levels: $314, $332, $348
Demand levels: $300, $286, $276
BNBUSD Long-term Trend: Bearish
The long-term forecast for BNBUSD is negative. When the Binance currency peaked on March 18 at $348, a bearish trend began. As the bullish momentum slowed, sellers controlled the market. For a few days, the price fluctuates within a narrow range before tumbling below the $314 support level. As the bearish trend intensified, pressure mounted on the $300 threshold. The price seems to be heading toward the $286 level but buyers are opposed if the $300 level permits. Currently, sellers can affect the price.
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 currently trading lower than the two EMAs. Binance Coin may reach its most recent lows of $300 and $286 if sellers get additional traction before closing below the psychological level of $276. The $314 resistance level can be broken on the upside, probing the $332 and $348 resistance levels, if buyers can hold off against the $300 support level.
BNBUSD medium-term Trend: Ranging
Binance Coin is bearish on the 4-hour chart. The double-top chart pattern, which first occurred on April 17 at a price of $348, indicates that sellers are ready to take over the market. The price’s forced test of the $348 resistance level sapped momentum from buyers. Eventually, the exuberant ascent came to an end. Prices progressively approached $300 as sellers’ momentum increased. At the moment, Binance coins is ranging between $314 and $300 levels.
Binance Coin is currently trading around the 9- and 21-period exponential moving averages, indicating a ranging market. When the signal line is pointing upward at 48 levels, the relative strength index period 14 indicates a buy.
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