Buyers may continue to dominate Binance Coin market
BNBUSD Price Analysis – 15 April
Should buyers gain further momentum, Binance Coin might surpass its most recent highs of $332 and $345 and eventually close on the psychological level of $361. If sellers hold off against the $332 resistance level, the $314 support level can be breached on the downside, probing the $300 and $286 support levels.
BNB/USD Market
Key levels:
Supply levels: $332, $345, $361
Demand levels: $314, $300, $286
BNBUSD Long-term Trend: Bullish
BNBUSD is bullish on the long-term outlook. The cryptocurrency started a bearish trend when it hit a high of $345 on 18 March. The market was taken over by sellers as the bullish impetus collapsed. The price drops to the $314 level of support and has a few days of range movement. The $300 barrier was tested as the bearish trend grew. The pressure from the bulls caused the price to return to the bullish trend. It seems the price is targeting a previous high of $345. More bullish pressure could lead to more price increases.
The upward crossover of the 21-period EMA by the 9-period EMA suggests a bullish swing. Currently, Binance Coin’s price is trading above the two EMAs. Should buyers gain further momentum, Binance Coin might surpass its most recent highs of $332 and $345 and eventually close on the psychological level of $361. If sellers hold off against the $332 resistance level, the $314 support level can be breached on the downside, probing the $300 and $286 support levels.
BNBUSD medium-term Trend: Bullish
Binance Coin is bullish on the 4-hour chart. The purchasers lost steam when the price was compelled to test the $345 resistance level. After that, the bullish surge came to an end. A bearish reversal candle pattern known as bearish engulfing emerged. Pricing gradually dropped to $314, but the sellers’ momentum failed and there was a bullish reversal at just mentioned level. The price increases and currently trying to break up the $332 level.
Binance Coin is currently trading over the 9- and 21-period exponential moving averages to indicate a bullish market. The relative strength index period is 14 with the signal line pointing at 63 levels, which connote buy.
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