🪙🪙#bnb 🪙🪙
As of January 28, 2025, Binance Coin (BNB) is trading around $673.08, with an intraday high of $684.60 and a low of $662.59.
📊📉Daily Technical Analysis:
General Trend: BNB has shown signs of recovery after a significant correction, bouncing from support at $639.83 and surpassing resistance at $680.43.
📶Moving Averages: The 20-period simple moving average (SMA) is at $660.13, acting as dynamic support.
Bollinger Bands: The bands are expanding after a period of contraction, indicating an increase in volatility.
RSI (14): The relative strength index is at 64.71, suggesting bullish momentum without being in overbought territory.
🔛Supports and Resistances:
Immediate Support: $660.13, corresponding to the 20-period SMA.
Key Support: $639.83, a level where buyers previously defended aggressively.
Immediate Resistance: $680.43, a level recently surpassed.
Key Resistance: $700, a significant psychological level.
✅Entry Strategy:
Bullish Scenario: If the price stays above $680.43, consider a long entry with a target at $700 and a possible extension towards $720.
Bearish Scenario: If the price falls below $660.13, it could seek support at $639.83. A break below this level could lead the price towards $620.
Conclusion:
BNB shows signs of recovery after a correction, with technical indicators suggesting a possible bullish momentum. It is crucial to monitor the mentioned support and resistance levels and wait for confirmations before making trading decisions.