BNB (BNBUSD) Price May Decline Further

BNBUSD market remains under bears’ pressure

BNBUSD Price Analysis: 19 December

If buyers can hold the $875.3 support level and break above the $901.7 resistance level, they might push the price to test the resistance levels of $962.9 and $994.5. If BNB falls below the key $875.3 support level, it should aim for the previous low levels of $833.5 and $736.4.

                                                          Key levels:

Supply levels: $901.7, $962.9, $994.5

Demand levels: $875.3, $833.5, $736.4

BNBUSD Long-term Trend: Bearish

The price of the cryptocurrency reached a peak of $1317.5 in the last few weeks, and testing this level twice created a “double top” pattern on the chart. The BNBUSD chart shows a bearish trend every day. Consumers are not willing to spend more, as demonstrated by the latest price drop to $1317.0, which aligns with the bearish pattern. As the strength of the bulls weakened, the bears defended the $962.9 level, faced major resistance, and eventually caused BNB to fall below $962.9, indicating that the sellers who resisted the bulls’ push were successful in bringing the price closer to $875.3.

The Hull Suite FX analytics indicate that the price of BNBUSD is currently falling below the expected levels for the cryptocurrency. If buyers can hold the $875.3 support level and break above the $901.7 resistance level, they might push the price to test the resistance levels of $962.9 and $994.5. If BNB falls below the key $875.3 support level, it should aim for the previous low levels of $833.5 and $736.4.

 

BNBUSD medium-term Trend: Bearish

The price of BNBUSD is expected to decline further due to the overall bearish sentiment. The BNB price started to fall after it tested the $1317.0 level. On October 4, it was revealed that the total amount paid exceeded the declared amount. The bears’ pressure led the price to drop below the target level. The price tested $962.9, and due to strong selling pressure, it is quickly moving towards its previous low of $875.3.

The declining BNB trade is also seen in the Hull Suite. A signal line showing values below zero on the QQE MOD index indicates strong selling pressure.

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