Binance Coin experiences a bearish breakout
BNBUSD Price Analysis – 12 May
Binance Coin may hit its most recent lows of $300 and $286 and eventually close at the psychological level of $276 if sellers get further traction. The $314 resistance level can be broken on the upside, probing the $332 and $348 resistance levels, if buyers are able to hold off against the $300 support level.
BNB/USD Market
Key levels:
Supply levels: $314, $332, $348
Demand levels: $300, $286, $276
BNBUSD Long-term Trend: Bearish
On the long-term outlook, BNBUSD is bearish. When the Binance coin reached a high of $348 on March 18, a bearish trend got underway. As the bullish trend slowed, sellers took control of the market. Prior to falling beyond the $314 level of support, the price floats in a range for a few days. The $300 level was put to the test as the bearish trend intensified. The price seems to be heading toward the $286 level if the $300 level permits. The price is currently under seller’s control.
A bearish swing is indicated by the downward crossover of the 21-period EMA by the 9-period EMA. The price of Binance Coin is currently trading below the two EMAs. Binance Coin may hit its most recent lows of $300 and $286 and eventually close at the psychological level of $276 if sellers get further traction. The $314 resistance level can be broken on the upside, probing the $332 and $348 resistance levels, if buyers are able to hold off against the $300 support level.
BNBUSD medium-term Trend: Bearish
Binance Coin is bearish on the 4-hour chart. The double top chart pattern formed at the $348 level on 17 April is an indication that sellers are ready to take over the market. The price was forced to test the $348 resistance level, buyers lost momentum. Eventually, the bullish climb came to an end. Prices progressively moved closer to the $300 level as the sellers’ momentum increased.
Binance Coin is currently trading below the 9- and 21-period exponential moving averages, indicating a bearish market. When the signal line is pointing down at 32 levels, the relative strength index period 14 signals a sell.
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