BNB (BNBUSD) Price May Decline to $516.5 Level

BNBUSD market receive more pressure from Sellers

BNBUSD Price Analysis: 11 October

If sellers can hold onto the $606.1 resistance level and break below the $554.5 support level, they might be able to push price to test the $516.4 and $460.5 support levels. If BNB is able to cross the crucial $606.1 barrier, it is anticipated to test the prior highs of $642.3 and $688.3.

BNB/USD Market

Key levels:

Supply levels: $606.1, $642.3, $688.3

Demand levels: $554.5, $516.4, $460.5

BNBUSD Long-term Trend: Bearish

There is a lot of bearish activity visible on the BNBUSD daily chart. The price of the cryptocurrency increased from $460.5 to $606.1 a few weeks ago. As the bulls gathered traction, the $516.4 barrier—which had offered some support—became a barrier to overcome. The previous week, when BNB reached its peak price of $606.1, buyers controlled the market. At the expected resistance level, there were signs of an adverse reversal. The price’s recent reversion towards $516.4 implies that bidders would be willing to submit a higher offer, going against the upward trend. The price is currently approaching $554.5.

Hull Suite FX indicators show that the price of the SPONGEUSDT is currently falling below the indication of cryptocurrency signals. If sellers can hold onto the $606.1 resistance level and break below the $554.5 support level, they might be able to push price to test the $516.4 and $460.5 support levels. If BNB is able to cross the crucial $606.1 barrier, it is anticipated to test the prior highs of $642.3 and $688.3.

 

BNBUSD medium-term Trend: Bearish

The coin’s negative impact may cause the price of BNBUSD to drop during the course of the following four hours. The BNB began to decline after testing $606.1. We were informed of this on September 28. The total sum paid was $606.1. On October 1, the price broke below $554.5 due to the bears’ fervor. Right now, the cost is less than $554.5.

Right now, the BNB trade is below the Hull Suite indicator. A large sell is indicated by the QQE MOD indicator’s signal line being below zero.

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