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Binance coin may decrease further
BNBUSD Price Analysis – 09 December
In case the bears’ pressure increases and the price break down the $276 support level, the price may decrease to the $256 and $209 support levels. An increase in bulls’ momentum may break up the resistance level of $300, then, Binance Coin may increase to the $300, $330, and $361 levels.
BNB/USD Market
Key levels:
Supply levels: $300, $330, $361
Demand levels: $276, $256, $209
BNBUSD Long-term Trend: Bearish
BNBUSD is bearish on the long-term outlook. The crypto could not reach our target for last week’s prediction which is the $330 resistance level. The sellers interrupted the buyers before the price reach the mark. Sellers are overpowering the buyers and the price is declining at the moment. The support level of $276 may be tested if sellers exert more pressure.
The price is trading below the two EMAs which indicates that sellers are dominating the Binance coin market. The fast-moving EMA (9 periods) is crossing the slow-moving EMA (21 periods) downside. The two EMAs are close to each other indicating an increase in the bears’ momentum. In case the bears’ pressure increases and the price breaks down the $276 support level, the price may decrease to the $256 and $209 support levels. An increase in bulls’ momentum may break up the resistance level of $300, then, Binance Coin may increase to the $300, $330, and $361 levels.
BNBUSD medium-term Trend: Bearish
Binance coin is on the bearish movement on the 4-hour chart. The Binance coin was under the bulls’ control last week. The resistance level of $330 was reached with the aid of bulls pressure. Bullish movement could not continue when the bears defended the $330 resistance level. The price is trying to penetrate the support level of $286 downside.
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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