BNB (BNBUSD) Price May Retest $204.9 Level Before Bullish Reversal
Login

BNB (BNBUSD) Price May Retest $204.9 Level Before Bullish Reversal

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

 Sellers’ pressure increase in BNB market

BNBUSD Price Analysis 22 September

If buyers can hold the $204.9 support level, the $219.2 resistance level can be broken higher, posing a challenge to the $237.0 and $254.2 resistance levels. BNB might drop to its most recent lows of $204.9 and $187.3 if sales keep going at the current pace before closing below the critical $167.9 mark.

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: Bearish

BNBUSD continues to trend downward. Since last month, the bears had possession of the coin. On 23 August, the $203.9 support level was first put to the test. Since that time, only the price range between $219.2 and $204.9 has changed. On September 11, it retreated to test the $237.0, but sellers gained additional momentum and drove the price to a second test of $204.9. Yesterday, sellers were attempting to hold the $219.2 support level, showing that bears were striving to dominate bulls.

 

BNB has deviated from both the 9-period and 21-period exponential moving averages, pointing to a downward trend. If buyers can hold the $204.9 support level, the $219.2 resistance level can be broken higher, posing a challenge to the $237.0 and $254.2 resistance levels. BNB might drop to its most recent lows of $204.9 and $187.3 if sales keep going at the current pace before closing below the critical $167.9 mark.

 BNBUSD medium-term Trend: Bearish

The trend might remain unfavorable for the following four hours. As the bears gained strength, the significance of the double bottom chart pattern—which originally occurred at the $219.2 support level—was overlooked. Early indications pointed to a possible market takeover by purchasers. Following the forced price test at the $204.9 barrier level, the purchasers’ enthusiasm increased. At this time, it seems the price wants to retest the $204.9 mark.

BNB is trading below both the 9- and 21-period exponential moving averages at the moment. A sell is indicated by the relative strength index period 14 signal line’s downward movement at level 35.

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News