Binance Coin Price:  Will There Be a Continuation of Bearish Movement?

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 Binance Coin is decreasing

BNBUSD Price Analysis – 02 December

When buyers exert more pressure bullish momentum may continue and the $300 resistance level may be penetrated, then, Binance Coin may increase to the $330 and $351 resistance levels. An increase in bears’ momentum may break down the support level of $276 and Binance Coin may decline to $256 and $239 support levels.

BNB/USD Market

Key levels:

Supply levels: $300, $330, $361

Demand levels: $276, $256, $239

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The bearish movement commenced at the resistance level of $361. The price was reduced to the support level of $256 after breaking down the $300 and $330 levels. The price pulled back to retest the $300 level. The price is currently declining to the $276 support level. The price may continue a bearish trend provided sellers exert more pressure.

The price is slightly trading between the two EMAs which indicates that sellers are dominating the Binance Coin market. The fast-moving EMA (9-periods) is above the slow-moving EMA (21-periods). The two EMAs are separated to indicate a decrease in the price. When buyers exert more pressure bullish momentum may continue and the $300 resistance level may be penetrated, then, the price may increase to the $330 and $351 resistance levels. An increase in bears’ momentum may break down the support level of $276 and Binance Coin may decline to $256 and $239 support levels.

BNBUSD medium-term Trend: Bearish

Binance Coin is on the bearish movement on the 4-hour chart. Buyers gained more momentum with the formation of bullish candles and the price increased when Binance Coin tested the support level of $256 on 21 November. The resistance level of $300 was broken upside and face the resistance level of $330. Bears opposed the movement and the price is targeting the $276 level at the moment.

The Binance Coin is trading below the 9-periods EMA and 21-periods EMA which indicates that sellers are dominating the Binance Coin 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.