BNX/USDT 👀. BULL 🐂 or BEAR 🐻

✍🏽 We’re witnessing some intriguing patterns in the BNX/USDT pair that could present profitable opportunities for both long and short positions in the coming hours. Here’s what the technicals are telling us:

Current Price: 1.3794 USDT

24h Change: +20.79%

🕵️‍♂️ Technical Analysis Overview:

1. RSI (6): At 57.7846, the RSI is hovering near neutral, indicating that neither the bulls nor the bears have taken control yet. This balance could lead to a breakout in either direction.

2. Moving Averages:

MA (5): 116,429,991.5

MA (10): 77,693,256.3

🔍 Candlestick Insights:

The recent candlesticks show strong bullish momentum, with the price testing higher resistance levels. However, the overextension also hints at potential pullback zones.

📈 Long Signal:

If the price breaks above the recent high of 1.4252 USDT with strong volume, it could signal a continuation of the bullish trend. Consider entering a LONG position targeting:

Target 1: 1.50 USDT

Target 2: 1.60 USDT

Stop-Loss: Set a tight stop-loss at 1.35 USDT to manage risk.

📉 Short Signal:

If the price fails to sustain above 1.4252 USDT and shows signs of reversal, a bearish pullback might be imminent. Enter a SHORT position if the price falls below 1.35 USDT:

Target 1: 1.30 USDT

Target 2: 1.20 USDT

Stop-Loss: Place a stop-loss at 1.40 USDT to limit potential losses.

📊 Conclusion:

Stay alert and watch the price action closely. The BNX/USDT pair is poised for significant moves, and both long and short strategies could yield excellent returns.

Trade wisely and always manage your risk. Happy trading! 🚀.

*Web3LEGEND 🫵🏽😎 $BNX