BNB (BNBUSD) Price Is Dangling Around $622 and $545 Levels

Azeez Mustapha

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Indecision between buyers and sellers in BNB Market

BNBUSD Price Analysis: 31 May

Buyers may be able to challenge the $647 and $686 resistance levels if they can breach the $622 resistance level and hold onto the $572 support level. BNB will test the prior lows of $545 and $516 if it breaks below the critical $572 level and $622 holds.

BNB/USD Market

Key levels:

Supply levels: $622, $647, $686

Demand levels: $572, $545, $516

BNBUSD Long-term Trend: Ranging

BNBUSD daily chart shows range movement. A few weeks ago, the price of the cryptocurrency burst out of the range movement between $386 and $410. As the bulls gathered momentum, the $516 barrier—which had previously been a level of resistance—became a level of support. For the previous two weeks, buyers controlled the BNB market, which peaked at $647. At the previously indicated level, there were bulls and bears involved. Since sellers are eager to counteract the upward trend by driving the price lower, there is now little fluctuation between the $622 and $572 levels.

BNB (BNBUSD) Price Is Dangling Around $622 and $545 Levels

The price of the BNB is now unstable and slightly above the indication of cryptocurrency signals, according to Hull Suite forex signals.  Buyers may be able to challenge the $647 and $686 resistance levels if they can breach the $622 resistance level and hold onto the $572 support level. BNB will test the prior lows of $545 and $516 if it breaks below the critical $572 level and $622 holds.

BNBUSD medium-term Trend: Ranging

The coin could perhaps continue to consolidate over the next four hours. As soon as the BNB crossed $545, a bearish trend started. This was noticed on March 15th, not too far from the $647 resistance level. Less money was spent in the end. Bears’ pressure intensified on March 15, when the price broke through the $647 barrier, and it fell to $572. Right now, the price is fluctuating between the $622 resistance level and the $545 support level.

BNB (BNBUSD) Price Is Dangling Around $622 and $545 Levels

BNB is currently trading close to the Hull Suite signal. A sell is indicated when the QQE MOD indicator signal line drops below zero.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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