#MarketBuyOrHold? Looking at the recent price action of the BNB/USDT pair, the market structure appears bullish, with a consistent trend of higher highs and higher lows, indicating upward momentum. Currently, BNB is consolidating near a support level under its all-time highs, which often signals a period of accumulation before a potential upward move.
The daily chart suggests that BNB could continue to grind upwards unless the price closes below the recent higher low of around $511. On a weekly scale, BNB is testing a critical supply zone, and breaking above this could potentially target new highs, with the first significant target around $875, based on Fibonacci projections.
Despite the overall positive outlook, BNB’s performance is also tied to Bitcoin's movements. If Bitcoin experiences a downtrend, BNB may follow suit. Traders should be cautious and look for confirmation that the support levels hold, and consider waiting for a breakout above the supply zone for more confidence in entering long positions.
