BNB (BNBUSD) Price Rebound at $960 Point

Price may retest previous low of $833.5 level

BNBUSD Price Analysis: 23 January

Buyers may force the price to test the resistance levels of $994.5 and $1,023.5 if they can hold the $921.4 support level and break above the $921.4 resistance level. BNB should target the prior low levels of $875.3 and $833.5 if it drops below the crucial $921.4 support level.

                                                                 Key levels:

Supply levels: $960.0, $994.5, $1.023.5

Demand levels: $921.4, $875.3, $833.5

BNBUSD Long-term Trend: Bearish

The cryptocurrency’s price dropped to $833.5 in recent weeks, and the chart displayed a “double bottom” pattern when this level was hit twice. There was a daily increasing trend on the BNBUSD chart. The most recent price increase to $960.0, which fits the positive trend, indicates that customers are now spending more. The bears resisted the $921.4 level as the bulls’ strength waned, encountered strong resistance, and eventually caused BNB to fall below $960.0, demonstrating that the sellers who opposed the bulls’ advance were successful in moving the price closer to $875.3.

The price of BNBUSD is currently declining below the anticipated values for the cryptocurrency, according to Hull Suite FX analysis. Buyers may force the price to test the resistance levels of $994.5 and $1,023.5 if they can hold the $921.4 support level and break above the $921.4 resistance level. BNB should target the prior low levels of $875.3 and $833.5 if it drops below the crucial $921.4 support level.

BNBUSD medium-term Trend: Bearish

Because of the general pessimism, the price of BNBUSD is anticipated to fall even further. After testing the $960 barrier, the price of BNB started to decrease. The total sum paid was discovered to be less than the disclosed amount on January 4. The price surpassed the target level due to the bears’ push. Strong selling pressure causes the price to break down around $875.3, and it is rapidly approaching its prior low of $833.5.

The Hull Suite also reflects the decreasing BNB trade. Strong sellig pressure is indicated by a signal line on the QQE MOD index with values below zero.

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