Sellers are dominating Binance Coin market
BNBUSD Price Analysis – 10 March
In case sellers gain further momentum, Binance Coin may surpass its most recent lows of $276 and $253 and finally close on the psychological level of $239. If buyers maintain the $276 support level, the price may cross the $286 level of resistance and test the $300 and $314 levels of resistance.
BNB/USD Market
Key levels:
Supply levels: $286, $300, $314
Demand levels: $276, $253, $239
BNBUSD Long-term Trend: Bearish
BNBUSD is bearish on the long-term outlook. A few weeks ago, the high resistance level of $330 was tested. The bears’ momentum and the development of powerful bearish candles questioned the bullish momentum. The old support levels of $314 300 and $286 were pushed past and now serve as barriers. The $276 support level is now being penetrated by the sellers’ pressure but buyers are resisting further price decreases. Continuation of bearish movement is anticipated if sellers apply greater pressure.
Both the 9-period EMA and the 21-period EMA are being traded below by Binance Coin. The $276 barrier is currently proving difficult for Binance Coin’s price to overcome. If sellers gain further momentum, Binance Coin may surpass its most recent lows of $276 and $253 and finally close on the psychological level of $239. If buyers maintain the $276 support level, the price may cross the $286 level of resistance and test the $300 and $314 levels of resistance.
BNBUSD medium-term Trend: Bearish
Binance Coin is bearish on the 4-hour chart. When the Binance Coin got close to the $314 barrier threshold a few days ago, its upward trajectory stopped. The bearish pressure stopped at that point, and the price briefly consolidated. The cryptocurrency moved in a way that resembled consolidation. The bears applied significant pressure to halt the range action. The cost declines below $286.
Binance Coin has broken through the $286 level downwards. At the moment, Binance Coin is trading below the 9- and 21-period exponential moving averages, which shows that sellers are in control of Binance Coin market.
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