Binance Coin (BNBUSD): Will There Be a Bearish Reversal at $332 Level?

Azeez Mustapha

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 Sellers may dominate Binance Coin market

BNBUSD Price Analysis – 24 March

Binance Coin may surpass its most recent highs of $332 and $361 and eventually close on the psychological mark of $432 if buyers get further traction. The $314 support level can be breached on the downside, testing the $300 and $298 support levels if sellers hold off against the $332 resistance level.

BNB/USD Market

Key levels:

Supply levels: $332, $361, $432

Demand levels: $314, $300, $298

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook.  The low support level of $276 was put to the test on March 10. The creation of a strong bullish pin bar and the bears’ momentum was in opposition to each other. Strong bullish candles begin to develop as a result of the scenario, pushing the price higher and through the resistance levels of $300 and $314. The price broke up the $332 Level last week but sellers opposed the movement. It is currently pulling back.

A bullish movement is being indicated by the 9-period EMA’s upward crossover of the 21-period EMA. The price of Binance Coin is now having trouble breaking over the $332 resistance level. Binance Coin may surpass its most recent highs of $332 and $361 and eventually close on the psychological mark of $432 if buyers get further traction. The $314 support level can be breached on the downside, testing the $300 and $298 support levels if sellers hold off against the $332 resistance level.

BNBUSD medium-term Trend: Bearish

Binance Coin is bearish on the 4-hour chart. When the price was forced to test the $276 support level, the sellers lost momentum. At that point, the bearish pressure stopped. Also, there was a bullish reversal and a Marubozu candle pattern emerged. The price steadily rises to $332 level and the sellers quickly opposed buyers and the price is currently pulling back.

The $314 level has been broken up by Binance Coin. Since Binance Coin is currently trading below both the 9- and 21-period exponential moving averages, sellers appear to be in charge of the market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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