Binance Coin (BNBUSD): Will Support Level of $300 Holds?

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 Sellers are dominating Binance Coin market

BNBUSD Price Analysis – 17 February

Binance Coin may surpass its most recent lows of $300 and $276 and finally close on the $253 psychological barrier if sellers gather further momentum. Price may breach the $314 level of resistance and test the $330 and $361 level of resistance if buyers hold the $300 support level.

BNB/USD Market

Key levels:

Supply levels: $314, $330, $361

Demand levels: $300, $276, $253

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on long-term outlook.  The coin was in the hands of the buyers last two weeks, and the price rose to a high of $330. The sellers held the aforementioned level on 08 February. Dynamic support levels were retested as the price declined. Yesterday, a large and powerful daily bearish candle formed, breaking through the $314 level of support. Today, bulls dominate BNB market, and the coin is pulling back.

Binance coin is trading below the $314 level. The 9-period EMA is below the 21-period EMA and Binance Coin is trading below the two. Binance Coin may surpass its most recent lows of $300 and $276 and finally close on the $253 psychological barrier if sellers gather further momentum. Price may breach the $314 level of resistance and test the $330 and $361 level of resistance if buyers hold the $300 support level.

BNBUSD medium-term Trend: Bearish

Binance Coin is bearish on the 4 hour chart. The positive momentum weakened last week when the Binance Coin approached the $314 resistance level. At the same time, bearish pressure was at zero level. The crypto started moving in a consolidation pattern. The bears applied intense pressure to end the range action. As it approaches the $300 support level, the price drops.

Binance Coin is currently attempting to break through the $300 level downwards. The Binance Coin is currently trading between the 9- and 21-period exponential moving averages, which shows that sellers are in control of Binance Coin market.

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