BNB (BNBUSD) Price May Rebound at $316.2 Resistance Level

Azeez Mustapha

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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.

BNB (BNBUSD) Price May Rebound at $316.2 Resistance Level

 

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.

BNB (BNBUSD) Price May Rebound at $316.2 Resistance 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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