BNB (BNBUSD) Price May Experience a Bullish Reversal

 Sellers’ pressure is decreasing in BNB market

BNBUSD Price Analysis 29 September

The $219.2 resistance level can be broken higher, providing a challenge to the $237.0 and $254.2 resistance levels, if buyers can hold the $204.9 support level. If sales continue to increase at the current rate, BNB might decline to its most recent lows of $204.9 and $187.3 before closing below the crucial $167.9 level.

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: Bullish

BNBUSD is bullish in the daily chart. Sellers were in control of the BNB market for more than three weeks. The price found a strong support level at $204.9 on August 22. It pulled back and retested the resistance level of $219.2. The support level retested the $204.9 level second time on 11 September. The third test was carried out on 24 September. The bulls are getting ready to dominate the market provided the support level of $204.9 holds.

The cryptocurrency is trading above both the 9-period and 21-period exponential moving averages, pointing upward. The $219.2 resistance level can be broken higher, providing a challenge to the $237.0 and $254.2 resistance levels, if buyers can hold the $204.9 support level. If sales continue to increase at the current rate, BNB might decline to its most recent lows of $204.9 and $187.3 before closing below the crucial $167.9 level.

BNBUSD medium-term Trend: Bullish

The trend may reverse positively over the next four hours. The significance of the triple bottom chart pattern, which appeared at the $204.9 support level, is regarded as bulls gathering momentum. Early signs suggested that buyers would attempt to take over the market. The buyers’ enthusiasm is growing after the forced price test at the $204.9 barrier level. Currently, it appears that the price wants to soar towards the north.

BNB is currently trading above the exponential moving averages of the 9- and 21-periods. The relative strength index period 14 signal line’s upward movement at level 63 suggests a buy.

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