$BNB

Brief Analysis of BNB/USDT (Timeframe: Daily)

General Trend:

• The current trend appears to be sideways with a bearish bias after the significant rally in early December.

• The price is currently trading around 703.91 USDT after a -2.03% correction.

Support and Resistance Levels:

• Current Support: 704.62 and 593.71 USDT.

• Resistance: 712.71 USDT (upper green level).

Relative Strength Index (RSI):

• The RSI is at 53.48, indicating that the market is in a neutral state, neither overbought nor oversold.

Expected Scenarios:

1. Positive Scenario:

If the price manages to hold above 704.62 and break 712.71, we may see a return to the uptrend towards 750 USDT levels.

2. Negative Scenario:

If the price breaks the support level of 704.62, it may head to test the next support level at 593.71 USDT.

Recommendation:

• Buy: If 712.71 USDT is broken with strong trading volume.

• Sell or Take Profit: If the price breaks the support level of 704.62 USDT.

• Risk Management: Place a suitable stop loss below the major support levels.