The cryptocurrency market is starting the last day of the week on a bullish note. According to CoinMarketCap, Binance Coin (BNB) is among the top gainers, posting a 0
The cryptocurrency market is starting the last day of the week on a bullish note. According to CoinMarketCap, Binance Coin (BNB) is among the top gainers, posting a 0.39% gain in the last 24 hours. However, BNB has shed 3.13% of its value over the past week.
Technical Analysis
Hourly Chart
On the hourly chart, BNB's price is currently in a bearish trend as it approaches the local support level of $305.1. If the situation does not change by the end of the day, a breakdown below the $300 zone is likely.
Larger Time Frames
On larger time frames, BNB remains under bearish pressure. Traders should watch the $300 level closely, as a loss of this critical point could lead to further declines towards the $290 zone in the coming week.
Medium-Term Outlook
From a medium-term perspective, there is no dominant force in the market, with neither buyers nor sellers in control. If the candlestick around the current price closes, there is a high chance of continued sideways trading between the $300 and $320 zones. BNB is currently trading at $307.
Key Support and Resistance Levels
Support:
- $305.1
- $300
- $290
Resistance:
- $310
- $320
- $330
Trading Strategies
Bearish:
- If BNB falls below $305.1, a short position could be considered, with a target price of $300 and a stop-loss of $310.
Bullish:
- If BNB breaks above $310, a long position could be considered, with a target price of $320 and a stop-loss of $305.
Always implement proper risk management strategies before placing any trade. Only invest what you can afford to lose, and always use stop-loss orders to protect your capital.
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