BNB (BNBUSD) Price: Bearish Reversal Envisaged at $276.5 Level

Sellers’ momentum may increase

BNBUSD Price Analysis: 22 December

Buyers holding the $254.2 support level might break the $267.5 resistance level, putting the $276.5 and $286.4 resistance levels in jeopardy. If $254.2 is deemed unacceptable by both the buyers and the vendors.  BNB may have closed at its most recent lows of $237.0 and $219.2, below the critical $254.2 barrier.

BNB/USD Market

Key levels:

Supply levels: $267.5, $276.5, $286.4

Demand levels: $254.2, $237.0, $219.2

BNBUSD Long-term Trend: Bullish

On the daily BNBUSD chart, an upward trend is evident. The cryptocurrency’s price ranged between $219.2 and $204.9 a few weeks ago. This range movement lasted for three weeks. $219.2, which had been a resistance level, became a support level as the bulls gained momentum. BNB market was dominated by buyers last week.  The amount increased, tested $254.2, and broke up the mentioned level. Buyers gained steam in and price surpassed the $254.2 barrier, tested $276.5 level.

The cryptocurrency’s price is presently climbing and is marginally above the exponential moving averages with periods of nine and twenty-one. Buyers holding the $254.2 support level might break the $267.5 resistance level, putting the $276.5 and $286.4 resistance levels in jeopardy. If $254.2 is deemed unacceptable by both the buyers and the vendors.  BNB may have closed at its most recent lows of $237.0 and $219.2, below the critical $254.2 barrier.

BNBUSD medium-term Trend: Bullish

Over the following four hours, the trend might get better. The double bottom pattern, first observed on December 11 at the $219.2 support level, initiated a bullish trend. The outcome was an increase in pricing. The $254.2 resistance level was looked at on December 12. The price rise as a powerful bullish candle formed, signaling a strong bullish momentum. The market is pulling back at $276.5 at the moment.

BNB is trading close to the 9 and 21-period exponential moving averages. The downward drop of the relative strength index period 14 signal line at level 65 indicates a sell.

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