BNB (BNBUSD) Price: Buyers React Against Sellers at $516.4 Zone

BNBUSD price pulls back

BNBUSD Price Analysis: 08 February

Buyers may be able to push the price to test the $606.1 and $642.3 resistance levels if they can hold onto the $557.0 support level and break above the $585.9 resistance level. BNBUSD should go for the prior lows of $537.5 and $516.4 if it can overcome the critical $557.0 barrier.

Key levels:

Supply levels: $585.9, $606.1, $642.3

Demand levels: $557.0, $537.5, $516.4

BNBUSD Long-term Trend: Bearish

The daily BNBUSD chart is getting worse. On November 6, the cryptocurrency’s price started to rise, rising from $516..4 to $756.0. The $642.3 barrier provided some resistance, but the bulls grew stronger and broke above it. The market was dominated by purchasing when BNB rose above $642.3 the week before. There were indications of a negative reversal at the anticipated resistance level. In contrast to the increasing trend, the price’s recent reversal around $756.0 suggests that sellers would take a higher offer. The price retested previous low at $516.4 and pulled back. Right now, the cost is at $557.0.

The price of the BNBUSD is presently falling below the crypto currency indications, according to the Hull Suite FX indicators. Buyers may be able to push the price to test the $606.1 and $642.3 resistance levels if they can hold onto the $557.0 support level and break above the $585.9 resistance level. BNB should go for the prior lows of $537.5 and $516.4 if it can overcome the critical $557.0 barrier.

BNBUSD medium-term Trend: Bearish

The negative effects of the coin could cause the price of BNBUSD to drop during the course of the following four hours. After testing at $756.0, the BNB began to decline. On December 4, we discovered that a total of $662.0 had been paid. The price fell below the target level due to the bears’ fervor. Yesterday, the lowest price was $585.9. The price is dropping today and is approaching $557.0.

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

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