As of the latest data, $BNX /USDT is trading at $0.8613, showing a decline of 25.45% in the last 24 hours, with a high of $1.1653 and a low of $0.8402. The price has fallen below the 7-day, 25-day, and 99-day moving averages (1.0354, 1.1182, and 1.0694 respectively), indicating a strong bearish trend.
The volume has significantly increased, with 24-hour volumes at 14.65M for BNX and 14.52M for USDT, suggesting strong selling pressure. Immediate support is at $0.8402, with the next support level at $0.8200. Resistance levels are at $1.0354, $1.1182, and $1.0694.
Key observations include the confirmation of a bearish trend, high selling pressure, and potential reversal zones around the support level of $0.8402. Traders should look for signs of reversal before considering long positions. Although harmonic patterns are not explicitly visible, watching for formations like the ABCD or Gartley patterns could signal a reversal.
Short-term traders might consider shorting if the price breaks below $0.8402 with high volume, setting stop-loss orders above recent resistance levels. Long-term investors should wait for confirmation of a reversal and monitor key moving averages and support levels.
/USDT is currently in a bearish trend with significant selling pressure. Traders should be cautious and look for clear reversal signals before taking long positions. Utilizing moving averages, volume analysis, and support/resistance levels can help in making informed trading decisions.#BNX_USDT #IntroToCopytrading #altcoins
