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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.
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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