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BNBUSD may rebound at $204.9 level
BNBUSD Price Analysis 25 August
In case sellers keep up their pace, BNB might decline to its most recent lows of $204.9 and $187.3 before closing below the critical $167.9 level. If buyers can hold the $204.9 support level, the $219.2 resistance level can be breached higher, posing a challenge to the $236.9 and $254.2 resistance levels.
BNB/USD Market
Key levels:
Supply levels: $219.2, $236.9, $254.2
Demand levels: $204.9, $187.3, $167.9
BNBUSD Long-term Trend: Bearish
BNBUSD exhibits a bearish movement. Due to the BNB market’s low volatility last two weeks, price changes were limited to the $254.2 to $236.9 range. On August 15, sellers won the day over purchasers. The previous low of $219.2 was tested after the support level of $236.9 was breached. The $204.9 support level was achieved, and the bearish pressure is still present. At the previously mentioned level, there is a chance of a bullish reversal.
A bearish trend is observed as the currency pair is below the 9-period and 21-period exponential moving averages. If sellers keep up their pace, BNB might decline to its most recent lows of $204.9 and $187.3 before closing below the critical $167.9 level. If buyers can hold the $204.9 support level, the $219.2 resistance level can be breached higher, posing a challenge to the $236.9 and $254.2 resistance levels.
BNBUSD medium-term Trend: Bearish
Bearish movement may continue in the 4-hour time frame. As the bears’ momentum grew, the influence of the double-bottom chart pattern that had developed at the $219.2 support level was canceled out. Initial indications suggested that buyers would likely seize control of the market. After the forced price test at the $236.9 barrier level, the purchasers’ enthusiasm waned. Currently, the price is trying to break up $219.2 level.
BNB is currently trading above both the exponential moving averages of 9 and 21 periods. When the relative strength index period 14 signal line is pointing up at level 49, a buy is implied.
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