Binance Coin (BNBUSD): Sellers Lost steam at $345 Resistance Level

Sellers may dominate Binance Coin market

BNBUSD Price Analysis – 31 March

Binance Coin may surpass its most recent lows of $314 and $300 and eventually close on the psychological mark of $298 if sellers get further traction. The $332 resistance level can be breached on the upside, testing the $345 and $361 resistance levels if buyers hold off against the $314 support level.

BNB/USD Market

Key levels:

Supply levels: $332, $345, $361

Demand levels: $314, $300, $298

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook.  The crypto was bullish last week. The price increased to the resistance level of $332 and experienced a partial breakout. The bullish momentum failed and could not continue. Bears took over the market with the formation of a bearish engulfing candle, the price declined and tested the support level of $314. Sellers are gradually losing their momentum at the moment.

A bearish movement is indicated by the 9-period EMA’s downward crossover of the 21-period EMA. The price of Binance Coin is now trading below the two EMAs. Binance Coin may surpass its most recent lows of $314 and $300 and eventually close on the psychological mark of $298 if sellers get further traction. The $332 resistance level can be breached on the upside, testing the $345 and $361 resistance levels if buyers hold off against the $314 support level.

BNBUSD medium-term Trend: Bearish

Binance Coin is bearish on the 4-hour chart. The buyers lost steam when the price was compelled to test the $345 resistance level. The bullish pressure stopped at that moment. A bearish reversal candle pattern formed called bearish engulfing. Pricing declines gradually to $314 level, however as soon as sellers resist purchasers, the price may continue to decline.

Binance Coin has gone through the $332 milestone. Sellers appear to be losing market control as Binance Coin is currently hovering over the 9- and 21-period exponential moving averages.

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