Binance Coin (BNBUSD) Price: Will There Be a Breakup of $256 Level?

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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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.