BNB (BNBUSD) Price Is Facing $516 Support Level

Sellers’ momentum increase in BNBUSD market

BNBUSD Price Analysis: 28 June

If buyers can break over the $581 resistance level and hold onto the $516 support level, they might be able to test the $654 and $688 resistance levels. If BNB breaks below the crucial $516 level and $581 holds, it will test the previous lows of $456 and $400.

BNB/USD Market

Key levels:

Supply levels: $581, $654, $688

Demand levels: $516, $456, $400

BNBUSD Long-term Trend: Bearish

There is a lot of bearish action visible on the BNBUSD daily chart. The value of the cryptocurrency dropped from $654 to $581.This continues in this manner for several weeks. The $654 barrier, which had been a level of resistance, turned into a level of support as the bulls gained traction. The BNB market, which peaked at $725, was dominated by purchasers during the preceding week. Bearish resistance was observed at the $725 resistance level. There has been a reversal towards $581 as sellers are keen to break the upward trend and lower the price. The price is currently facing $516 level.

Hull Suite forex signals indicate that the price of the SPONGEUSDT is currently falling below the indication of cryptocurrency signals. If buyers can break over the $581 resistance level and hold onto the $516 support level, they might be able to test the $654 and $688 resistance levels. If BNB breaks below the crucial $516 level and $581 holds, it will test the previous lows of $456 and $400.

BNBUSD medium-term Trend: Bearish

For the next four hours, the price of BNBUSD could decline due to the negative pressure on the coin. The moment the BNB passed the $581 barrier, a good trend began. On May 20, this was brought to our attention. In the end, the total amount spent was $725. When the price failed to break over the $725 mark on June 6th, bear pressure caused it to begin a downward trend. The price is currently breaking down the $581 threshold.

BNB is now trading below the Hull Suite’s indicator. If the signal line of the QQE MOD indicator is below zero, it is considered a strong sell.

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