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The momentum of the sellers and buyers is low in Binance Coin market
BNBUSD Price Analysis – 30 December
Binance Coin may rise to heights of $276 and $300 if buyers gain momentum and break over the $256 resistance level. Price may drop to the $219 and $209 support levels if sellers’ pressure increases and the price is forced below the $240 level of support.
BNB/USD Market
Key levels:
Supply levels: $256, $276, $300
Demand levels: $240, $219, $209
BNBUSD Long-term Trend: Ranging
BNBUSD’s long-term outlook is on the ranging movement. After the price rejection that occurred on November 28 at the $300 barrier level. The sellers’ pressure increased, and the last support level of $276 was broken. When the previous support level of $256 failed to hold, the cryptocurrency fell toward the level of $240. The Binance Coin market is dominated by sellers up until the $219 support level was tested. The price retreated to the $256 resistance level on 22 December, since then, the price has been ranging between $256 and $240 levels.
Binance Coin is trading below the 21-period EMA but hovering over 9-periods EMA as a sign of a ranging market. However, the fast-moving EMA (9 periods) remains below the slow-moving EMA (21 periods). Binance Coin may rise to heights of $276 and $300 if buyers gain momentum and break over the $256 resistance level. Price may drop to the $219 and $209 support levels if sellers’ pressure increases and the price is forced below the $240 level of support.
BNBUSD medium-term Trend: Ranging
Binance Coin is on the ranging movement on the 4-hour chart. On December 17, the Binance Coin tested the $219 support level due to the adverse trend it has been experiencing. A solid pin bar formed, signaling increased pressure from the bulls. The resistance level of $240 is broken as the price rises. At the moment, the price of the coin is consolidating between $240 and $256.
The Binance Coin is trading around the 9-periods EMA and 21-periods EMA which indicates that sellers’ and buyers’ momentum is low.
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