$BNX $BNX

BNX/USDT: Bearish Pressure Mounts, Potential for Deeper Correction

The BNX/USDT chart is currently displaying a bearish trend. The price has broken below the crucial $0.5309 support level, suggesting that a deeper correction may be underway.

Key Support and Resistance:

* Resistance: The immediate resistance level is now around $0.5309, where the price met strong selling pressure previously.

* Support: The next significant support level lies around $0.5132, which could provide temporary relief to the downward pressure.

Entry Strategy:

For cautious traders, waiting for a retest of the broken support level at $0.5309 could offer a low-risk entry point to short BNX. This would allow traders to capitalize on further potential downside. More aggressive traders could consider entering a short position at the current price, with a stop-loss placed above the recent high.

If the bearish momentum persists, a deeper correction towards the $0.5132 support level could be on the horizon. However, it's important to monitor market developments closely, as the price action could shift rapidly. Stay tuned for further updates!

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