BNB (BNBUSD) Price: Bulls Are Defending $558.5 Barrier

BNBUSD market may soar toward moon

BNBUSD Price Analysis: 07 March

Buyers may be able to push the price to test the $642.6 and $662.5 resistance levels if they can hold onto the $586.5 support level and break above the $606.1 resistance level. BNBUSD should go for the prior lows of $558.5 and $537.0 if it can overcome the critical $586.5 barrier.

Key levels:

Supply levels: $606.1, $642.6, $662.5

Demand levels: $586.5, $558.5, $537.0

BNBUSD Long-term Trend: Bearish

The daily chart for the BNBUSD is negative. On February 3, the cryptocurrency’s price started to increase, rising from $517.0 to $729.9. The $606.1 barrier provided some resistance, but as the bulls gained strength, they broke it. Buying dominated the market as BNB recently surged above $642.6. There were indications of a bearish reversal at the anticipated resistance level. In line with the downward trend, the price’s recent turnaround at $729.9 suggests that sellers would accept a higher offer. After retesting at its previous high of $642.6, the price dropped. Right now, it costs about $586.5.

The price of the BNBUSD is presently declining below the crypto currency signals, according to the Hull Suite FX indicators. Buyers may be able to push the price to test the $642.6 and $662.5 resistance levels if they can hold onto the $586.5 support level and break above the $606.1 resistance level. BNB should go for the prior lows of $558.5 and $537.0 if it can overcome the critical $586.5 barrier.

BNBUSD medium-term Trend: Bearish

Over the following four hours, the coin’s negative effects can cause the price of BNBUSD to drop. After testing at $642.6, the BNB began to decline. On February 3, we discovered that a total of $729.0 had been paid. The price surged over the target level due to the bulls’ fervor. Yesterday, the lowest price was $586.5. Today, the price is approaching $606.1.

The Hull Suite indication is below the BNB trade. When the signal line of the QQE MOD indicator is above zero, it indicates significant buying.

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