🥰🥰BNB price analysis for December 17, 2024?
On December 17, 2024, BNB is trading around $720, with a daily fluctuation range from $714 to $725.
🤩1. Technical analysis
👍Support: $700: An important psychological support level, where buying pressure may emerge if the price corrects.
👍$650: The next support level, reinforcing the uptrend if the price drops further.
👍Resistance: $750: The nearest resistance level, if broken, could pave the way for continued upward momentum.
👍790 -800: The next target if the price breaks through the $750 resistance.
🤩2. Momentum indicators
RSI: Approaching the overbought region, indicating a potential correction or consolidation in the short term.
🤩3. Assessment
👍BNB is currently consolidating near the resistance level above $722, indicating that bulls are still maintaining pressure.
👍The moving averages are trending upwards, and the relative strength index (RSI) is just above the midpoint, suggesting that buyers have a slight advantage.
🤩4. If the bulls push the price above $725, the BNB/USDT pair could rise to $755 and then to $790-800.
🤩However, investors should note:
👍High volatility: The cryptocurrency market is often highly volatile, requiring tight risk management.
👍Correction potential: With the RSI in the overbought region, the likelihood of a correction or consolidation in the short term is high.
🤩5. Recommendations
👍Short-term investors: Consider taking partial profits and monitoring support levels for reinvestment when the price corrects.
👍Long-term investors: May continue to hold, but should closely monitor market developments and related policies.
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