$BNB BNB Price Technical Analysis: Identification of Long-Term Buying Levels.
Technical analysis of #BNB shows a short-term bearish trend, but identifies key levels where the price could find support and present long-term buying opportunities.
The area around $510.7 is a critical level to watch, supported by price action and volume.
Chart Analysis
Key Support and Resistance Levels:
Major Resistance: The level around $694.3 has been identified as significant resistance. This level has been tested several times and has acted as a ceiling for the BNB price.
Intermediate Resistances: Resistance can be observed at the levels of 625.4 USD and 600.5 USD. These levels have been retracement points during the recent price action.
Key Supports: Currently, the price is at 568.3 USD. Immediate support levels are at $553.4 and $510.7. This last level is particularly important as it has served as a floor on multiple occasions.
Price Action:
The recent price action shows a bearish trend, with the price breaking previous supports and establishing new lower lows. However, the price reaction at the identified support levels will give us more information about possible reversal points.
Candlestick analysis may provide additional clues. Rejection candles at support levels with high volumes can signal buying opportunities.
$510.7 Zone: This level has shown to be strong support in the past. It is recommended to watch the price action in this area. A bounce with significant volume could be an entry signal for long-term buying.
This article is for informational and educational purposes only. It does not constitute financial advice or an investment recommendation. Always do your own research before making financial decisions.
