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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.
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