Will BNB reverse its long downtrend?

BYBIT:BNBUSDT   BNBUSDT Perpetual Contract
Hello everyone, let's take a look at the BNB to USDT chart on a 1 day time frame. As we can see, we have been moving in the downtrend channel for a long time, while locally we are in the upward trend and in a place where we can try to break out of the long-lasting downward trend.

Let's start with the designation of the support line and as you can see the first support in the near future is $ 293, if the support breaks down, the next support is $ 271 and $ 254.

Now let's move from the resistance line, as you can see, the first resistance we are currently struggling with is $ 322 breaking the first resistance will give us a potential exit from the long downturn channel, if we can break it, the next resistance will be $ 354 and $ 400.

Looking at the CHOP indicator , we can see that in the 1-day interval most of the energy has been used, and the MACD indicator indicates that we are locally in an upward trend.


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.