Binance Coin (BNBUSD): Sellers Are Exerting Pressure to Break Down $286 Support Level

 Sellers are dominating Binance Coin market

BNBUSD Price Analysis – 03 March

Binance Coin may surpass its most recent lows of $286 and $276 and eventually close on the psychological threshold of $253 if sellers get additional traction. The price may break through the $300 level of resistance and test the $314 and $330 level of resistance if buyers hold the $286 support level.

BNB/USD Market

Key levels:

Supply levels: $300, $314, $330

Demand levels: $286, $276, $253

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook.  The high resistance level of $330 was tested three weeks ago, the bullish momentum was challenged by the bears’ pressure with the formation of strong bearish candles. The former support levels of $314 and $300 were challenged and turned into resistance levels. The crypto is currently testing the support level of $286. A further increase is envisaged if sellers exert more pressure.

Binance Coin is trading below both the 9-period EMA and the 21-period EMA. The price of Binance Coin is currently struggling to break down $286 level. Binance Coin may surpass its most recent lows of $286 and $276 and eventually close on the psychological threshold of $253 if sellers get additional traction. The price may break through the $300 level of resistance and test the $314 and $330 level of resistance if buyers hold the $286 support level.

BNBUSD medium-term Trend: Bearish

Binance Coin is bearish on the 4-hour chart. The increasing trend of the Binance Coin stalled a few days ago when it approached the $314 barrier threshold. At that moment, there was no longer any bearish pressure, and the price briefly consolidated. The cryptocurrency moved in a consolidation-like manner. The bears put a lot of pressure on to stop the range action. Currently, the price is falling below the $300 mark.

Binance Coin has broken through the $300 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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