BNB (BNBUSD) Price Is Decreasing Towards $516.4 Level

Sellers are dominating BNBUSD market

BNBUSD Price Analysis: 04 October

Sellers may be able to push price to test the $460.5 and $400.6 support levels if they can hold onto the $554.5 resistance level and break below the $516.4 support level. BNB is expected to challenge the previous highs of $606.1 and $642.3, if it can breach above the critical $554.5 barrier.

BNB/USD Market

Key levels:

Supply levels: $554.5, $606.1, $642.3

Demand levels: $516.4, $460.5, $400.6

BNBUSD Long-term Trend: Bearish

The BNBUSD daily chart is showing a lot of bearish action. A few weeks ago, the cryptocurrency’s price rise from $460.5 to $606.1. The $516.4 barrier, which had provided a level of support, became a barrier to cross as the bulls gained momentum. When BNB hit its top price of $606.1 the previous week, buyers dominated the market. There were indications of an unfavorable reversal at the anticipated resistance level. The recent reversal in price towards $516.4 suggests that bidders would be prepared to submit a larger offer, defying the increasing trend. Right now, the price is breaking down $554.5 and approaching $516.4 level.

The price of the SPONGEUSDT is currently declining below the indication of cryptocurrency signals, according to Hull Suite forex indicators. Sellers may be able to push price to test the $460.5 and $400.6 support levels if they can hold onto the $554.5 resistance level and break below the $516.4 support level. BNB is expected to challenge the previous highs of $606.1 and $642.3, if it can breach above the critical $554.5 barrier.

BNBUSD medium-term Trend: Bearish

Over the next four hours, the price of BNBUSD could decrease due to the coin’s negative effect. Once the BNB tested $606.1, it started to fall. This was disclosed to us on September 28. $606.1 was the total amount spent. The zeal of the bears caused the price to break below $554.5 on 01 October. The price is currently less than $554.5.

The BNB trade is currently below the Hull Suite indication. The signal line of the QQE MOD indicator is below zero, which indicates a large sell.

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