Binance Coin Price Prediction for Today, 02 December: BNB Is Carrying Out a Retracement

Updated: 02 December 2022

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Binance Coin is decreasing

BNBUSD Price Analysis – 02 December

When bulls break up the $300 resistance level, Binance 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: Bullish

BNBUSD is bullish on the long-term outlook. Two weeks ago the coin started a bullish movement from the support level of $256. The former resistance level of $276 was penetrated and turned to the resistance level. The price was heading toward the $330 resistance level. Bears interrupted the bulls and the price pulled back to retest the broken level. It seems bears’ momentum is becoming weak, buyers may take over the market should they gain enough momentum.

The price is slightly trading above the two EMAs which indicates that Buyers 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 an increase in the bulls’ momentum. When bulls break up the $300 resistance level, 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. The Binance Coin tested the support level of $256 on 21 November. Buyers gained more momentum with the formation of bullish candles and the price increased. The resistance level of $300 was broken upside and face the resistance level of $330. Bears opposed the movement and the price is pulling back at the moment.

The Binance Coin is trading below the 9-periods EMA and 21-periods EMA which indicates that sellers are in control of the Binance coin market. Binance coin is pulling back south while Dash 2 Trade is trending higher toward north.

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