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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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