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Buyers’ pressure will increase soon in BNB market
BNBUSD Price Analysis 06 October
If buyers can hold the $204.9 support level, the $219.2 resistance level can be broken higher, posing a challenge to the $237.0 and $254.2 resistance levels. If sales expand at the current pace, BNB might drop to its most recent lows of $204.9 and $187.3 before closing under the critical $167.9 mark.
BNB/USD Market
Key levels:
Supply levels: $219.2, $237.0, $254.2
Demand levels: $204.9, $187.3, $167.9
BNBUSD Long-term Trend: Ranging
BNBUSD is on a ranging movement in the daily chart. The BNB market was dominated by sellers for more than three weeks. On August 22, the price reached a significant support level of $204.9. It retested the $219.2 resistance level after pulling back. On September 11th, the support level was challenged once more at the $204.9 level. On September 24, a third test was conducted. The price currently ranges between $219,2 and $204.9. However, if the $204.9 support level holds, the bulls will take control of the market.
The price of the cryptocurrency is trending sideways and is trading above and below both the 9-period and 21-period exponential moving averages. If buyers can hold the $204.9 support level, the $219.2 resistance level can be broken higher, posing a challenge to the $237.0 and $254.2 resistance levels. If sales expand at the current pace, BNB might drop to its most recent lows of $204.9 and $187.3 before closing under the critical $167.9 mark.
BNBUSD medium-term Trend: Ranging
Over the following four hours, the trend could change for the better. The triple bottom chart pattern, which first occurred at the $204.9 support level, is significant because it indicates that bulls are starting to gain traction. Early indications pointed to a market takeover attempt by purchasers. Following the forced price test at the $204.9 barrier level, the buyers’ enthusiasm is increasing. Right now, it seems like the price wants to increase dramatically to the north.
BNB is currently trading around the 9- and 21-period exponential moving averages. The upward rise of the relative strength index period 14 signal line at level 41 implies a buy.
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