Binance Coin is under bearish pressure
BNBUSD Price Analysis – 19 May
In case sellers gain more momentum, Binance Coin may touch its most recent lows of $300 and $286 before closing at the psychological threshold of $276. If buyers are able to resist the $300 support level, the $314 resistance level can be breached on the upside, testing the $332 and $348 resistance levels.
BNB/USD Market
Key levels:
Supply levels: $314, $332, $348
Demand levels: $300, $286, $276
BNBUSD Long-term Trend: Bearish
BNBUSD’s long-term outlook is bearish. A bearish trend started when Binance currency hit a high of $348 on March 18. The market was dominated by sellers as the bullish momentum paused. Price floats in a range for a few days before dropping below the support level of $314. The $300 barrier came under pressure as the bearish trend grew stronger. If the $300 level allows, the price appears to be moving toward the $286 level. Sellers presently have influence over the price.
The downward crossover of the 21-period EMA by the 9-period EMA suggests a bearish swing. Currently, the price of the Binance Coin is trading below the two EMAs. In case sellers gain more momentum, Binance Coin may touch its most recent lows of $300 and $286 before closing at the psychological threshold of $276. If buyers are able to resist the $300 support level, the $314 resistance level can be breached on the upside, testing the $332 and $348 resistance levels.
BNBUSD medium-term Trend: Bearish
Binance Coin is bearish on the 4-hour chart. The double-top chart pattern that appeared at a price of $348 on April 17 is a sign that sellers are prepared to seize control of the market. Buyers lost impetus as a result of the price being forced to test the $348 resistance level. The bullish climb eventually came to a stop. Prices gradually drew nearer to the $300 mark as sellers’ momentum grew.
Binance Coin is trading below the 9- and 21-period exponential moving averages indicating a bearish market. The relative strength index period 14 signals a sell when the signal line is pointing downward at 40 levels.
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