Binance Coin (BNBUSD) Price Breaks $254 Price Level Downside, Further Price Decrease Is Possible

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Further price decrease envisage provided the bears increase their pressure and the support level of $196 is penetrated, then, the support level at $142 and $117 may be tested. The breaking up of the $254 price level will expose the coin to $311 and $364 price level.

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BNBUSD Price Analysis – March 26
BNB/USD Market
Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish

On the daily chart, BNBUSD is bearish. The bulls could not continue to hold onto the BNB market when they push the coin to the resistance level at $311. The bears defended the level with the formation of daily bearish candle, following the scenario is the declination of the price towards the support level at $196 price level after it has broken down the former support level of $254.

BNBUSD daily chart, March 26

The coin has crossed the two EMAs downside and it is trading below the 9 periods EMA and the 21 periods EMA while the former is trying to cross the later. This is a sign of increasing bearish momentum. Further price decrease envisage provided the bears increase their pressure and the support level of $196 is penetrated, then, the support level at $142 and $117 may be tested. The breaking up of the $254 price level will expose the coin to $311 and $364 price level. However, the relative strength index period 14 with its signal line is below 50 level pointing up as a sign of buy signal which may be a pullback.

 BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. Last week, the crypto was on ranging movement within $311 and $254 price level. On March 24, the bears push the coin to penetrate the support level at $254 downside and the price is targeting $196 price level.

BNBUSD 4-hour chart, March 26

The price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is pointing down at 40 levels indicate a sell signal.

 

Source: https://learn2.trade

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