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BNB Price is expecting a breakout
BNBUSD Price Analysis: 04 May
Buyers may be able to take on the $647 and $686 resistance levels if they are able to break over the $622 resistance level and hold onto the $572 support level. BNB will test the prior lows of $545 and $516 if it breaks below the critical $572 barrier and $622 holds.
BNB/USD Market
Key levels:
Supply levels: $622, $647, $686
Demand levels: $572, $545, $516
BNBUSD Long-term Trend: Ranging
BNBUSD daily chart is moving in a range. A few weeks ago, the price of the cryptocurrency burst out of the range movement between $386 and $410. As the bulls gathered momentum, the $428 barrier—which had previously been a level of resistance—became a level of support. The previous two weeks saw buyers dominate the BNB market, which saw a peak price of $647. Bears were against bulls at the previously indicated level. As sellers oppose the bullish movement, there is currently a strong desire to force the price lower, which results in limited movement between the $622 and $516 levels.
The price of the cryptocurrency is now unstable and marginally above the indication of cryptocurrency signals, according to Hull Suite forex signals. Buyers may be able to take on the $647 and $686 resistance levels if they can break over the $622 resistance level and hold onto the $572 support level. BNB will test the prior lows of $545 and $516 if it breaks below the critical $572 barrier and $622 holds.
BNBUSD medium-term Trend: Ranging
The coin may continue to consolidate during the next four hours. As soon as the BNB crossed $545, a downward trend started. This was noticed on March 15th, not too far from the $647 resistance level. Ultimately, the cost was reduced. When the $647 resistance level was reached on March 15, bear pressure grew and the price fell to $572. Right now, the price is fluctuating between the $622 resistance level and the $545 support level.
BNB is currently trading close to the Hull Suite signal. A sell is indicated when the QQE MOD indicator signal line drops below zero.
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