BNB (BNBUSD) Price: Bearish Pressure to Break Down $581 Level

Bears are dominating BNBUSD market

BNBUSD Price Analysis: 21 June

Buyers may be able to challenge the $899 and $725 resistance levels if they are able to breach the $654 resistance level and hold onto the $581 support level. BNB will test the prior lows of $516 and $456 if it breaks below the critical $581 level and $654 holds.

BNB/USD Market

Key levels:

Supply levels: $654, $688, $725

Demand levels: $581, $516, $456

BNBUSD Long-term Trend: Bearish

The BNBUSD daily chart is showing significant bearish activity.  The cryptocurrency’s value shifted from $654 to $581.This goes on like this for a few weeks. As the bulls gathered momentum, the $654 barrier—which had previously been a level of resistance—became a level of support. Over the previous week, buyers have dominated the BNB market, which peaked at $725. The resistance level of $725 saw bearish opposition. A reversal has occurred in the direction of $581, as sellers are eager to defy the upward trend and drive the price down.

The price of the SPONGEUSDT is presently declining below the indication of cryptocurrency signals, according to Hull Suite forex signals.  Buyers may be able to challenge the $899 and $725 resistance levels if they are able to breach the $654 resistance level and hold onto the $581 support level. BNB will test the prior lows of $516 and $456 if it breaks below the critical $581 level and $654 holds.

BNBUSD medium-term Trend: Bearish

BNBUSD is under negative pressure, and the coin’s price could drop for the next four hours. A positive trend started the instant the BNB crossed the $581 threshold. On May 20, we were made aware of this. The whole amount spent came to $725 in the end. Due to bear pressure, the price started a downward trend on June 6th when it was unable to break above the $725 level. At the moment, the price is testing the $583 mark.

At the moment, BNB is trading below the indication of the Hull Suite. It is regarded as a strong sell when the QQE MOD indicator signal line is below zero.

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