Binance Coin (BNBUSD) Price: Will There Be a Further Price Reduction Below $254 Level?

BNBUSD oscillates between $254 and $276 levels

BNBUSD Price Analysis 09 May

Binance Coin may plummet to its most recent lows of $254 and $239 if sellers get additional traction before closing below the $219 psychological threshold. The $276 resistance level can be broken on the upside, probing the $286 and $300 resistance levels, if buyers can hold off against the $254 support level.

BNB/USD Market

Key levels:

Supply levels: $276, $286, $300

Demand levels: $254, $239, $219

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish in the daily chart.  When the Binance currency peaked on March 18 at $348, a bearish trend began. As the bullish momentum halted, sellers took control of the market. Before falling below the $314 support level, the price oscillates within a limited range for a few days. The bearish trend grew stronger, placing more pressure on the $300 mark. The price broke down to the $276 level as the $286 level permits. The price is currently at the $254 support level.

A bearish swing is indicated by the downward crossover of the 21-period EMA by the 9-period EMA. The price of the Binance Coin is now outperforming the two EMAs. Binance Coin may plummet to its most recent lows of $254 and $239 if sellers get additional traction before closing below the $219 psychological threshold. The $276 resistance level can be broken on the upside, probing the $286 and $300 resistance levels, if buyers can hold off against the $254 support level.

BNBUSD medium-term Trend: bearish

Binance Coin is bearish on the 4-hour chart. The double-top chart pattern first showed on April 17 at a price of $348, indicating that sellers are set to take control of the market. The forced price test of the $348 resistance level lowered buyer interest. Eventually, the joyous ascent came to an end. Prices progressively approached $276 level as sellers’ momentum increased. Currently, the price of the Binance coin oscillates between $254 and $276.

Indicating a bearish market, Binance Coin is now trading below the 9- and 21-period exponential moving averages. Relative strength index period 14 implies a sell when the signal line is pointing down at 28 levels.

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