Price may break up $960.0 level
BNBUSD Price Analysis: 16 January
If buyers can hold the $921.4 support level and break above the $921.4 resistance level, they may push the price to test the resistance levels of $994.5 and $1,023.5. If BNB falls below the critical $921.4 support level, it should aim for the previous low levels of $875.3 and $833.5.
Key levels:
Supply levels: $960.0, $994.5, $1.023.5
Demand levels: $921.4, $875.3, $833.5
BNBUSD Long-term Trend: Bullish
The price of the cryptocurrency reached a low of $833.5 in recent weeks, and the chart showed a “double bottom” pattern when this level was reached twice. The BNBUSD chart shows a daily upward trend. Customers are now spending more, as evidenced by the most recent price increase to $960.0, which fits the positive trend. As the bears’ strength diminished, the bulls defended the $921.4 level, faced fierce support, and ultimately caused BNB to rise above $921.6, proving that the buyers who challenged the bears’ advance were successful in bringing the price closer to $960.0.
According to Hull Suite FX analysis, the price of BNBUSD is currently rising above the expected values for the cryptocurrency. If buyers can hold the $921.4 support level and break above the $921.4 resistance level, they may push the price to test the resistance levels of $994.5 and $1,023.5. If BNB falls below the critical $921.4 support level, it should aim for the previous low levels of $875.3 and $833.5.
BNBUSD medium-term Trend: Bullish
The price of BNBUSD is expected to incline even further due to the broad pessimism. The price of BNB began to rise after testing the $833.5 mark. On January 4, it was found that the total amount paid exceeded the declared amount. The push from the bulls caused the price to rise over the goal level. The price breaks up around $875.3 due to strong buying pressure, and it is quickly getting close to its previous high of $960.0.
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