BNB (BNBUSD) Price: Sellers Gain More Momentum After a Pullback

BNB market retesting $567.8 point

BNBUSD Price Analysis: 13 February

Buyers may drive the price to test the resistance levels of $640.4 and $664.3 if they can hold the $567.8 support level and break above the $605.3 resistance level. If BNB falls below the critical $567.8 support level, it should aim for the previous low levels of $559.1 and $536.0.

                                                              Key levels:

Supply levels: $605.3, $640.4, $664.3

Demand levels: $567.8, $559.1, $536.0

BNBUSD Long-term Trend: Bearish

In recent weeks, the price of the cryptocurrency flip to $731.2; when it reached this level twice, the chart showed a “double top” pattern. The BNBUSD chart showed a daily declining trend. The latest price drop to $664.3, which reflects the downward trend, shows that customers are now paying less. As the bears battled the $664.3 level, ran into fierce support, and ultimately forced BNB to drop below $605.3 as the bulls’ strength diminished, the sellers who opposed the bulls’ advance were successful in moving the price closer to $567.8.

The price of BNBUSD is currently declining below the anticipated values for the cryptocurrency, according to Hull Suite FX analysis. Buyers may drive the price to test the resistance levels of $640.4 and $664.3 if they can hold the $567.8 support level and break above the $605.3 resistance level. If BNB falls below the critical $567.8 support level, it should aim for the previous low levels of $559.1 and $536.0.

 

BNBUSD medium-term Trend: Bearish

The price of BNBUSD is expected to drop considerably further as a result of the general pessimism. The price of BNB started to fall once it tested the $731.2 barrier. The entire amount paid was found to be less than what was declared on January 4. The bears’ push caused the price to breach the goal level. The price breaks down around $661.0 due to strong selling pressure, and it is getting close to its previous low of $567.8.

A decline in BNB trade is also seen in the Hull Suite. A signal line on the QQE MOD index with values below zero indicates strong selling pressure.

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