Binance Coin (BNBUSD) Price May Reduce Further to $286 support Level

 BNBUSD ranging between $314 and $300 levels

BNBUSD Price Analysis 02 May

In case sellers get more momentum, Binance Coin might drop to its most recent lows of $300 and $286 before closing under the psychological level of $276. If buyers can fight 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 is bearish in the daily chart.  A bearish trend started when the Binance currency reached its peak on March 18 at $348. The market was under the grasp of sellers as the bullish impetus slowed. Binance coin swings within a constrained range for a few days before dropping under the $314 support level. The $300 threshold came under increasing strain as the bearish trend grew stronger. If the $300 level allows, the price appears to be moving toward the $286 level, but purchasers are resisting. Right now, the price is dangling between $314 and $300 levels.

The downward crossover of the 21-period EMA by the 9-period EMA suggests a bearish swing. Currently, the two EMAs are being outperformed by the price of the Binance Coin. In case sellers get more momentum, Binance Coin might drop to its most recent lows of $300 and $286 before closing under the psychological level of $276. If buyers can fight 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: Ranging

Binance Coin is bearish on the 4-hour chart. Indicating that sellers are prepared to seize control of the market, the double-top chart pattern first appeared on April 17 at a price of $348. The forced test of the $348 resistance level by the price eroded buyers’ enthusiasm. The jubilant climb eventually came to an end. Prices gradually got closer to $300 as sellers’ momentum grew. The price of Binance coin is now fluctuating between $314 and $300.

Indicating a range market, Binance Coin is now trading near the 9- and 21-period exponential moving averages. Relative strength index period 14 implies a purchase when the signal line is pointing up at 47 levels.

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