BNB (BNBUSD) Price: Sellers May Push Price to Test $606.1 Level

Sellers may gain more momentum

BNBUSD Price Analysis: 01 November

Buyers may be able to push the price to test the $606.1 and $642.3 resistance levels if they can hold onto the $557.9 support level and break above the $586.5 resistance level. It is expected that BNB will challenge the previous lows of $537.0 and $516.4 if it can overcome the critical $557.9 barrier.

BNB/USD Market

Key levels:

Supply levels: $586.5, $606.1, $642.3

Demand levels: $557.9, $537.0, $516.4

BNBUSD Long-term Trend: Bearish

The BNBUSD daily chart is showing a negative action. A few weeks ago, the cryptocurrency’s price rose from $537.0 to $606.1. The $516.4 barrier, which had provided some support, was broken by the bulls as they grew stronger. The market was dominated by selling when BNB dropped to $537.0 the week before. There were indications of a positive reversal at the anticipated support level. In contrast to the upward trend, the price’s recent turnaround towards $557.9 suggests that sellers may be prepared to make a lower offer. Right now, the price is getting close to $557.9.

The price of the SPONGEUSDT is presently declining below the cryptocurrency signals, according to the Hull Suite FX indicators. Buyers may be able to push the price to test the $606.1 and $642.3 resistance levels if they can hold onto the $557.9 support level and break above the $586.5 resistance level. It is expected that BNB will challenge the previous lows of $537.0 and $516.4 if it can overcome the critical $557.9 barrier.

BNBUSD medium-term Trend: Bullish

Over the next four hours, the price of BNBUSD might decrease due to the coin’s unfavorable influence. Following testing at $606.1, the BNB started to fall. This was communicated to us on October 29. The total sum paid was $577.0. The zeal of the bears caused the price to lower below $585.5. The price is currently $585.5 lower.

The BNB trade is currently below the Hull Suite indication. When the signal line of the QQE MOD indicator is below zero, it indicates a substantial sales.