BNB (BNBUSD) Price Is Breaking Up $516 Resistance Level

Bulls are ruling BNBUSD market

BNBUSD Price Analysis: 09 August

Buyers may be able to push price to test the $554 and $607 resistance levels if they can hold onto the $458 support level and break past the $516 resistance level. BNBUSD is expected to test the previous lows of $403 and $363 if it breaks below the critical $458 barrier.

BNB/USD Market

Key levels:

Supply levels: $516, $554, $607

Demand levels: $458, $403, $363

BNBUSD Long-term Trend: Bearish

There is a lot of bearish action visible on the daily chart of BNBUSD. A few weeks ago, the cryptocurrency’s value fell from $654 to $516. As the bears got stronger, the $654 barrier—which had previously been a level of support—became a level of resistance. The week before, buyers dominated the BNB market, which peaked at $725. The $725 resistance level showed signs of bearish resistance. A reversal towards $458 has occurred as a result of sellers being prepared to deviate from the rising trend and drop the price. There are rising price swings at the moment.

The price of the SPONGEUSDT is currently inclining above the indication of cryptocurrency signals, according to Hull Suite forex signals. Buyers may be able to push price to test the $554 and $607 resistance levels if they can hold onto the $458 support level and break past the $516 resistance level. BNB is expected to test the previous lows of $403 and $363 if it breaks below the critical $458 barrier.

BNBUSD medium-term Trend: Bullish

The favorable effect on the currency may cause the price of BNBUSD to rise over the following four hours. The BNB started to rise as it passed the $458 mark. This was brought to our attention on August 5. The total amount spent was $516. A bull momentum caused the price to break above $458 on August 5. The price as of right now is $605.

Right now, the Hull Suite indicator is higher than the BNB trading. The signal line of the QQE MOD indicator is above zero, indicating a strong buy.

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