BNB (BNBUSD) Price: Further Price Decrease Is Possible

Sellers are dominating BNBUSD market

BNBUSD Price Analysis: 06 September

Buyers may be able to push price to test the $553 and $605 resistance levels if they can hold onto the $456 support level and break past the $516 resistance level. BNBUSD is expected to test the previous lows of $400 and $361 if it is able to break below the critical $456 barrier.

BNB/USD Market

Key levels:

Supply levels: $516, $553, $605, $654

Demand levels: $456, $400, $361

BNBUSD Long-term Trend: Bearish

A lot of bearish action can be seen on the daily chart of BNBUSD. A few weeks ago, the value of the cryptocurrency fell from $654 to $516. The $654 barrier, which was a level of support earlier, became a level of resistance as the bears gathered momentum. The week before, buyers controlled the BNB market, and the price reached a high of $654. At the specified resistance level, there were signs of a negative reversal. There has been a reversal in the direction of $516, as sellers are prepared to break with the upward trend and reduce the price. As of right now, the price is dropping approaching $456 level.

The price of the SPONGEUSDT is currently declining below the indication of cryptocurrency signals, according to Hull Suite forex signals. Buyers may be able to push price to test the $553 and $605 resistance levels if they can hold onto the $456 support level and break past the $516 resistance level. BNB is expected to test the previous lows of $400 and $361 if it is able to break below the critical $456 barrier.

BNBUSD medium-term Trend: Bearish

The detrimental effect on the cryptocurrency may cause the price of BNBUSD to drop during the course of the following four hours. The BNB broke past the $553 mark and then started to decline sharply. This was brought to our attention on August 24. The total amount spent was $516. The momentum of the bears caused the price to break below $516 on September 04. It currently costs $456.

The BNB trade is currently below the Hull Suite indicator. The QQE MOD indicator’s signal line is below zero, signifying a heavy sell.

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