Binance Coin (BNBUSD) Retest Previous Low at $256, Further Decrease Envisaged

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 Binance coin is decreasing

BNBUSD Price Analysis – November 12

When sellers break down the $276 support level, Binance coin may decrease towards the $256 and $239 support levels. Alternatively, when buyers oppose the sellers at $276 level, the price may increase to $300, $330, and $361 resistance levels.

BNB/USD Market

Key levels:

Supply levels: $300, $330, $361

Demand levels: $276, $256, $239

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. A few days ago, buyers were in control of the Binance coin market. The bullish momentum pushed the Crypto to the high of $361 on 04 November. The bulls’ momentum was not enough to break up the resistance level of $361. Sellers gained more pressure and more bearish candles were produced, the price declines sharply to the support level of $256. The coin is currently pulling back to retest $300 level.

Sellers are dominating the market at the moment and the price is trading below the two EMAs. The fast-moving EMA (9-periods) is trying to cross the slow-moving EMA (21-periods) downside. When sellers break down the $276 support level, the price may decrease towards the $256 and $239 support levels. Alternatively, when buyers oppose the sellers at the $276 level, the price may increase to $300, $330, and $361 resistance levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4-hour chart.  The Binance coin tested the resistance level of $361 but was unable to break up the level. There was a formation of the bearish engulfing candle at the same level and the price declined to $276 support level. It pulled back and retested the $300 level. Bearish momentum is restored at the moment.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicates that sellers are in control of the Binance coin market.

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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.