BNB (BNBUSD) Price Is Bouncing Within $622 and $545 Levels
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BNB (BNBUSD) Price Is Bouncing Within $622 and $545 Levels

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Azeez Mustapha

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Sellers may prevail over buyers in BNB Market

BNBUSD Price Analysis: 24 May

If buyers can break through the $622 resistance level and maintain a hold of the $572 support level, they might be able to take on the $647 and $686 resistance levels. If BNB goes below the crucial $572 level and $622 holds, it will test the previous lows of $545 and $516.

BNB/USD Market

Key levels:

Supply levels: $622, $647, $686

Demand levels: $572, $545, $516

BNBUSD Long-term Trend: Ranging

The daily BNBUSD chart displays range movement. The cryptocurrency’s price broke out of the range movement between $386 and $410 a few weeks ago. The $516 barrier, which had been a level of resistance, turned into a level of support as the bulls gained traction. The BNB market was dominated by purchasers throughout the preceding two weeks, peaking at $647. Bulls and bears were in play at the level previously mentioned. There is now little movement between the $622 and $572 levels as sellers are keen to reverse the positive momentum by pushing the price lower.

BNB (BNBUSD) Price Is Bouncing Within 2 and 5 Levels

According to Hull Suite forex signals, the price of the cryptocurrency is currently erratic and marginally above the indication of cryptocurrency signals.  If buyers can break through the $622 resistance level and maintain a hold of the $572 support level, they might be able to take on the $647 and $686 resistance levels. If BNB goes below the crucial $572 level and $622 holds, it will test the previous lows of $545 and $516.

BNBUSD medium-term Trend: Ranging

Over the course of the following four hours, the coin might continue to consolidate. The BNB entered a bearish trend as soon as it crossed $545. On March 15th, this was observed, not too far from the $647 resistance level. In the end, less money was expended. On March 15, as it broke through the $647 barrier, bear pressure increased and the price dropped to $572. The price is currently bouncing between the $545 support level and the $622 resistance level.

At the moment, BNB is trading near the Hull Suite forex signals. When the QQE MOD indication signal line falls below zero, it indicates a sell.

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