🚨 $BNX /USDT AT A CRITICAL PIVOT: WATCH FOR POTENTIAL TURNAROUND OR FURTHER DROP! 🚨
The $BNX /USDT chart is showing a sharp decline, with the price currently at 0.5461, down 16.87% in the last 24 hours. Here’s a breakdown of key levels, entry strategies, and potential moves to consider.
Key Levels to Watch:
Resistance: 0.6167 – This is the 99-period moving average and a crucial level for the bulls. Breaking above this would suggest a reversal and could attract buying interest.
Immediate Support: 0.5402 – This level has acted as a recent floor, with buyers stepping in. Holding above this could indicate stabilization, while a breakdown may lead to further losses.
Entry Strategy:
Short-Term Trade: If the price consolidates above 0.5402, consider a short-term entry targeting 0.5852 with a stop-loss at 0.5300 to manage downside risk.
Long-Term Position: Look for a confirmed breakout above 0.6167. A close above this level with strong volume could pave the way for a gradual climb back toward 0.6822. Set a stop-loss at 0.5500 to protect against sudden pullbacks.
🛑 Cautionary Note:
With high selling volume recently, the risk of further downside persists if the price doesn’t hold above 0.5402. Traders should stay alert to signs of either a reversal or continued bearish pressure, keeping stop-losses tight to minimize risk.
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