Buyers’ momentum decreases in Binance Coin market
BNBUSD Price Analysis – 27 January
Should buyers gain more momentum, Binance Coin may break up heights of $314 and $330, later may reach the $361 resistance level. Price may break down the $300 support level to test the $276 and $255 support levels.
BNB/USD Market
Key levels:
Supply levels: $314, $330, $361
Demand levels: $300, $276, $255
BNBUSD Long-term Trend: Bullish
BNBUSD is bullish on the long-term outlook. The coin was rejected at $300 resistance level on November 28. When the sellers put more pressure on the price, the prior support level of $276 was broken. The last support level of $255 failed to hold, and the cryptocurrency tested the $219 support level. The cost rose to the $255 mark on December 17, following a comeback of the bulls. The $255 and $240 levels are where the price started to stabilize. On January 4, the price broke past the $255 and $276 resistance levels and surpassed the $300 mark. The November high is retested and bulls are currently trying to break it up.
At this moment it is consolidating between the $314 level and $300 level. Binance Coin is trading slightly above the 21-period EMA and the 9-period EMA. The fast EMA (9 periods) remains above the slow EMA (21-periods). Should buyers gain more momentum Binance Coin may break up heights of $314 and $330, later may reach the $361 resistance level. Price may break down the $300 support level to test the $276 and $255 support levels.
BNBUSD medium-term Trend: Bearish
Binance Coin is bearish on the 4-hour chart. The Binance Coin tested the $219 support level on December 17 and bounced up, this indicating additional pressure from the bulls. A pin bar formed at $219 level confirmed it. The price increases and the $255, $276 resistance level is broken and the high of $314 was tested. Sellers reacted against the increase and currently ranging within the price levels of $314 and $300.
The Binance Coin is currently trading over and around the 9- and 21-period exponential moving averages, which show that there is low momentum of buyers and sellers.
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