BNB remains inside a descending channel, facing resistance at the upper boundary.
Ichimoku Cloud Resistance: The price is struggling to move above the red Ichimoku Cloud, which may indicate continued bearish pressure.
100MA Rejection: The 100-day moving average (purple line) acts as a strong dynamic resistance.
Bearish Scenario:
If the rejection persists, BNB could drop towards $500-$480, which aligns with the lower channel support.
A confirmed breakdown would extend losses towards $450 and lower.
Bullish Breakout:
A breakout above $663 and the 100MA would increase momentum, potentially targeting $750-$800. A breakout of the descending channel would confirm a trend reversal.
If you found this analysis helpful, hit the Like button and share your thoughts or questions in the comments below. Your feedback matters!
Thanks for your support!
DYOR. NFA
Ichimoku Cloud Resistance: The price is struggling to move above the red Ichimoku Cloud, which may indicate continued bearish pressure.
100MA Rejection: The 100-day moving average (purple line) acts as a strong dynamic resistance.
Bearish Scenario:
If the rejection persists, BNB could drop towards $500-$480, which aligns with the lower channel support.
A confirmed breakdown would extend losses towards $450 and lower.
Bullish Breakout:
A breakout above $663 and the 100MA would increase momentum, potentially targeting $750-$800. A breakout of the descending channel would confirm a trend reversal.
If you found this analysis helpful, hit the Like button and share your thoughts or questions in the comments below. Your feedback matters!
Thanks for your support!
DYOR. NFA
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.