BNB price is currently trading around $606.6, after experiencing a significant increase from the $508.4 support zone.
Trading volume during the recent rally has been fairly steady, indicating buyer interest. However, volume has not really exploded, suggesting that the upside potential has yet to be fully exploited.
Some bullish candles are accompanied by low volume, indicating a possible short-term correction.
BNB appears to be in a markup phase after completing an accumulation phase around $508.4.
The bullish phases (SOS, LPS) alternating with the corrective phases (AR, ST) show that the uptrend is still continuing.
The RSI indicator is currently at 42.4, indicating that BNB has not yet entered overbought territory. This suggests that there is still room for further price increases.
The MACD line is crossing above the signal line, generating a buy signal.
Nearest Support: $570, $530, $508.4
Nearest resistance: $616 (old high), $640
Short term: Possible correction to $570-$580 zone in short term to retest support zone.
Medium-term: If the $616 resistance is broken, BNB could target $640 and higher.
Long Term: The uptrend remains intact, with significant upside potential if the crypto market continues to recover.
Buy: Consider buying at $570-$580 support or after price breaks above $616 resistance on high volume.
Stop-loss: Place stop-loss below the support zone of $508.4.
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