$BNB

BNB price analysis: long and short positions are in a stalemate, can the key support be maintained?

BNB's recent trend can be described as a "heart-stopping coaster"! It just broke through $722 on January 6, and the bulls had no time to celebrate. On January 7, it ushered in a sharp drop, which directly "trapped" the aggressive bulls. Now the key is to see whether the 50-day moving average support can be maintained. Let's talk about the next key points and operation strategies in detail!

The rebound on January 6 was weak: Although it closed above $722, buyers failed to push the price up further.

The sharp drop on January 7: The bears counterattacked, and the price directly stepped back to the 50-day moving average ($690), and this support was in jeopardy.

Key area: If $690 is lost, the price may go straight to the strong support level of $633.

Downward support:

$690 (50-day moving average): The key to the defense of short-term bulls.

$633: Strong support area, bulls are expected to fight fiercely.

Upward resistance:

$722: Short-term resistance, bulls need to regain confidence here.

$745: The only way to look at higher targets after the breakthrough.

$794: The strong resistance level of bulls, whether it can be broken through will determine the strength of the subsequent rebound.

BNB is currently in a key tug-of-war near $690. Bulls need to counterattack quickly and stand firm at $745 to reverse the downward trend, otherwise the price is likely to continue to bottom out at $633. Brothers, next focus on the gains and losses of the 50-day moving average, and get on the bus decisively after the direction is clear. "Steady your mind and eat meat patiently" is the key to making money!