BNB (BNBUSD) Price May Decline Further After a Pullback

Price may retest $834.7 level

BNBUSD Price Analysis: 09 January

If buyers can hold the $876.9 support level and break above the $921.6 resistance level, they might push the price to test the resistance levels of $962.9 and $994.5. If BNB falls below the key $876.9 support level, it should aim for the previous low levels of $834.7 and $809.1.

                                                                Key levels:

Supply levels: $921.6, $962.9, $994.5

Demand levels: $876.9, $834.7, $809.1

BNBUSD Long-term Trend: Bearish

In recent weeks, the price of the cryptocurrency hit a high of $1317.5, and hitting this level twice created a “double top” pattern on the chart. A daily negative trend may be seen in the BNBUSD chart. The most recent price decline to $809.1, which fits the negative trend, indicates that consumers are not spending more. The bears defended the $921.6 level as the bulls’ power waned, encountered strong opposition, and finally led BNB to drop below $921.6, demonstrating that the sellers who opposed the bulls’ advance were successful in moving the price closer to $876.9.

The price of BNBUSD is currently declining below the anticipated values for the cryptocurrency, according to Hull Suite FX research. Buyers may drive the price to test the resistance levels of $962.9 and $994.5 if they are able to hold the $876.9 support level and break above the $921.6 resistance level. BNB should target the prior low levels of $834.7 and $809.1 if it drops below the crucial $876.9 support level.

 

BNBUSD medium-term Trend: Bullish

Because of the general pessimism, the price of BNBUSD is anticipated to drop even more. After testing the $1317.0 mark, the price of BNB started to decline. It was discovered on October 4 that the total sum paid was more than what had been disclosed. The price moved above the target level as a result of the bulls’ pressure. Strong buying pressure causes the price to break up at $876.9, and it is rapidly approaching its prior high of $921.6.

The Hull Suite also exhibits the rising BNB trade. Strong purchasing pressure is indicated by a signal line on the QQE MOD index with values above zero.

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