Sellers may continue to dominate Binance Coin market
BNBUSD Price Analysis – 07 April
Should sellers gain further momentum, Binance Coin might surpass its most recent lows of $300 and $286 and eventually close on the psychological level of $276. If buyers hold off against the $300 support level, the $314 resistance level can be breached on the upside, probing the $332 and $345 resistance levels.
BNB/USD Market
Key levels:
Supply levels: $314, $332, $345
Demand levels: $300, $286, $276
BNBUSD Long-term Trend: Bearish
BNBUSD is bearish on the long-term outlook. The crypto commenced a bearish trend when it reached a high of $345 on 18 March. The bullish momentum failed and the sellers took over the market. Price decreases to the support level of $314 and experiences a ranging movement for a few days. The bearish momentum increased and tested the low of $300 level. The price pulled back as a result of bull pressure. An increase in the bears’ pressure could reduce the price further.
The downward crossover of the 21-period EMA by the 9-period EMA suggests a bearish swing. Currently, Binance Coin’s price is trading below the two EMAs. Should sellers gain further momentum, Binance Coin might surpass its most recent lows of $300 and $286 and eventually close on the psychological level of $276. If buyers hold off against the $300 support level, the $314 resistance level can be breached on the upside, probing the $332 and $345 resistance levels.
BNBUSD medium-term Trend: Ranging
Binance Coin is ranging on the 4-hour chart. When the price was forced to test the $345 resistance level, the buyers lost momentum. At that point, the bullish push stopped. Bearish engulfing, a bearish reversal candle pattern, developed. Pricing steadily decreases to $314; but, if dealers continue to rebuff buyers, the price may drop more. However, it is consolidating around the $300 level.
Binance Coin is currently hovering over the 9- and 21-period exponential moving averages as an indication of a ranging market. The relative strength index period 14 with the signal line pointing up which connotes buy.
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