Sellers are dominating Binance Coin market
BNBUSD Price Analysis – 24 February
In case sellers gain more momentum, Binance Coin might surpass its most recent lows of $300 and $276 and finally close on the psychological threshold of $253. If buyers maintain the $300 support level, the price may breach the $314 level of resistance and test the $330 and $361 levels of resistance.
BNB/USD Market
Key levels:
Supply levels: $314, $330, $361
Demand levels: $300, $276, $253
BNBUSD Long-term Trend: Bearish
BNBUSD is bearish on the long-term outlook. Last three weeks, the coin was in the hands of the buyers, and the price increased to a high of $330. On February 8th, the sellers held the aforementioned level. As the price fell, dynamic support levels were retested. A big and strong daily bearish candle emerged yesterday, piercing the $314 level of support. Bears currently control the BNB market, and the coin is trying to break down $300 level.
The price of Binance Coin is currently below $314. Binance Coin is trading below both the 9-period EMA and the 21-period EMA. In case sellers gain more momentum, Binance Coin might surpass its most recent lows of $300 and $276 and finally close on the psychological threshold of $253. If buyers maintain the $300 support level, the price may breach the $314 level of resistance and test the $330 and $361 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 mark a few days ago, the upward momentum slowed. Bearish pressure was also at zero then and the price consolidated for a short period of time. The cryptocurrency moved in a pattern of consolidation. To halt the range action, the bears exerted considerable pressure. The price declines at the moment below $300 level.
Binance Coin is currently breaking through the $300 level downwards. The Binance Coin is currently 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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