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Sellers may dominate BNB market soon
BNBUSD Price Analysis: 29 December
The $332.8 resistance level can be broken by buyers holding the $314.6 support level, endangering the $348.6 and $361.3 resistance levels. If $332.8 holds, and BNB close below the crucial $314.6 level, the most recent lows of $300.7 and $286.7 will be tested.
BNB/USD Market
Key levels:
Supply levels: $332.8, $348.6, $361.3
Demand levels: $314.6, $300.7, $286.7
BNBUSD Long-term Trend: Bullish
There is a clear increasing trend on the daily BNBUSD chart. A few weeks ago, the price of the cryptocurrency fluctuated between $219.2 and $254.9. Three weeks passed during this range movement. As the bulls gathered traction, $254.9, which had previously been a resistance level, turned into a support level. Last two weeks, buyers dominated the BNB market. The sum rose, broke through $300.7 and tested $332.8. As buyers gathered momentum, the price broke through the $314.6 barrier and hit $332.8 level.
The price of the cryptocurrency is currently rising and is just above the nine and twenty-one-period exponential moving averages. The $332.8 resistance level can be broken by buyers holding the $314.6 support level, endangering the $348.6 and $361.3 resistance levels. If $332.8 holds, and BNB close below the crucial $314.6 level, the most recent lows of $300.7 and $286.7 will be tested.
BNBUSD medium-term Trend: Bullish
The trend could improve over the next four hours. A bullish trend was started by the double bottom pattern, which was initially noticed on December 11 at the $237.0 support level. Price increases were the result. On December 12, the $286.7 resistance level was examined. A strong bullish candle that developed, indicating a strong bullish momentum, caused the price to rise and tested $332.8. Right now, the market is retreating towards $276.5.
The 9 and 21-period exponential moving averages are in close trading proximity to BNB. A sell is indicated by the relative strength index period 14 signal line’s downward dip at level 65.
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