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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