BNB Support Zone Turns Resistance

The BNB demand level of $254.0 prevented a further dip in the market on the 21st of November. The demand zone fostered the influx of bulls. The price rose rapidly to $316.0 without obstruction. The market’s ascension was halted by a supply level of $316.0. The selloff at the supply level was so intense. Like a hot knife through butter, the price fell and pierced through the demand level at $254.0.

BNB Key Levels

Support Levels: $254.0, $240.0, $220.0
Resistance levels: $316.0, $333.0, $360.0

What Are the Indicators Saying?

The stochastic revealed the market was oversold before the sell-off at $316.0 on the 27th. The moving averages (periods nine and twenty-one) are still resting above the daily candles to show the dominance of the sellers. The demand level at $254.0 is anticipated to play the role of resistance upon its invalidation. The price is expected to drop to $220.0.

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