Sellers may dominate BNB market
BNBUSD Price Analysis: 02 February
Should buyers who are holding the $297.0 support level breach the $316.2 resistance level, the $335.1 and $356.1 resistance levels may be in jeopardy. If BNB closes below the crucial $297.0 barrier and $316.2 holds, it will test the recent lows of $263.3 and $237.1 levels.
BNB/USD Market
Key levels:
Supply levels: $316.2, $335.1, $356.1
Demand levels: $297.0, $263.3, $237.1
BNBUSD Long-term Trend: Bearish
The daily BNBUSD chart is showing a declining trend. The cryptocurrency’s price ranged between $263.3 and $237.1 a few weeks ago. This range movement lasted for three weeks. The $263.3 level, which was formerly a level of resistance, turned into a level of support as the bulls gained strength and prevailed. During the previous two weeks, buyers controlled the BNB market, and the $335.1 level was tested. Price-wise, it dropped to $297.0. In light of the bearish daily candle formation today, it is currently retreating.
The cryptocurrency’s price is currently unstable and slightly below the Hull Suite best crypto indicator. Should buyers who are holding the $297.0 support level breach the $316.2 resistance level, the $335.1 and $356.1 resistance levels may be in jeopardy. If BNB closes below the crucial $297.0 barrier and $316.2 holds, it will test the recent lows of $263.3 and $237.1 levels.
BNBUSD medium-term Trend: bearish
For the following four hours, the coin might go to the south. When the Crypto hit the $316.2-level resistance, a bearish trend began. On January 20, this was observed close to the $316.2 resistance level. The end effect was price reductions. The $297.0 support level was looked at on January 25. The price is currently bouncing around the $297.0 support level.
Below the Hull Suite indication, BNB is now trading. The downward movement of the QQE MOD indication signal line below zero indicates a sell.
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