Sellers may continue to dominate Binance Coin market
BNBUSD Price Analysis – 27 April
When buyers gain more momentum, Binance Coin might reach its most recent highs of $333 and $345 and ultimately close at the psychological threshold of $361. If sellers are able to survive the $333 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: $333, $345, $361
Demand levels: $314, $300, $286
BNBUSD Long-term Trend: Bullish
On the long-term outlook, BNBUSD is bullish. A bearish trend started on March 18 when Binance hit a high of $345. As the bullish momentum waned, the market was dominated by sellers. Price drifts in a range for a few days before dropping below the $314 level of support. The $300 mark was tested as the bearish trend grew stronger. The push from the bulls caused the price to resume retracement towards $333 level. If the $333 level permits, the price appears to be moving toward the $345 level. Currently, the price is retreating to test $333 once more.
The upward crossover of the 21-period EMA by the 9-period EMA suggests a bullish swing. Binance Coin’s price is presently moving back and forth between the two EMAs. When buyers gain more momentum, Binance Coin might reach its most recent highs of $333 and $345 and ultimately close at the psychological threshold of $361. If sellers are able to survive the $333 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. The bullish rise eventually stopped. There was a bearish reversal candle pattern and a bearish engulfing candle pattern. Prices gradually approached the $314 level, but the sellers’ drive weakened, and there is currently a price retracement towards the previous high at $345.
Binance Coin is currently trading between the 9- and 21-period exponential moving averages, indicating a bullish market. When the signal line is pointing down at 49 levels, the relative strength index period 14 signals a sell.
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