BNB (BNBUSD) Price: Bearish Movement May Continue

Sellers are regaining momentum in BNB market

BNBUSD Price Analysis 08 September

BNB might plummet to its most recent lows of $204.9 and $187.3 before closing below the critical $167.9 level if sales keep up at the current pace. If buyers can hold the $204.9 support level, the $219.2 resistance level can be broken higher, posing a challenge to the $237.0 and $254.2 resistance levels.

BNB/USD Market

Key levels:

Supply levels: $219.2, $237.0, $254.2

Demand levels: $204.9, $187.3, $167.9

BNBUSD Long-term Trend: Bearish

BNBUSD exhibits a bearish movement. Following a downturn witnessed last week, sellers are starting to outnumber buyers in the BNB market. Prior to three weeks ago, there was little volatility; the $254.2 to $237.0 range was the only range in which prices changed. August 29 was a day when buyers triumphed over sellers. After the resistance level of $219.2 was broken, the previous high of $237.0 was put to the test. The just-mentioned level is defended by the sellers, preventing further price growth. Yesterday, the price was below $219.2. Today, bears are trying to dominate over bulls.

A negative trend is present since the currency pair has fallen below both the 9-period and 21-period exponential moving averages. BNB might plummet to its most recent lows of $204.9 and $187.3 before closing below the critical $167.9 level if sales keep up at the current pace. If buyers can hold the $204.9 support level, the $219.2 resistance level can be broken higher, posing a challenge to the $237.0 and $254.2 resistance levels.

BNBUSD medium-term Trend: Bearish

Bearish movement may continue in the 4-hour time frame. As the bears gained strength, the importance of the double bottom chart pattern that had first appeared at the $219.2 support level was lost. Initial indications pointed to a likely market takeover by buyers. After the forced price test at the $237.0 barrier level, the purchasers’ enthusiasm waned. Currently, the price is striving to surpass the $204.9 mark.

BNB is currently trading below both the 9- and 21-period exponential moving averages. A sell is implied when the relative strength index period 14 signal line is pointing downward at level 39.

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