BNB fell below the 1k threshold, Trading Volume 50% Slump
Yesterday, BNB fell from a high of $1,079 to $991, a drop of 7.8%, and is now stuck below $1,000. The trading volume in the last 24 hours plummeted by 17%, and the open positions in futures also declined by 4%, to put it simply, leveraged funds are retreating.
The technical outlook is not very optimistic: the RSI indicator is at 38, and the Bollinger Bands have touched the lower band. The key short-term support is at $980; if it cannot hold, it will test the range of $950-$935.
But don't be too pessimistic – the mid-term fundamentals are still bullish. This wave seems more like a short-term profit-taking, not a reversal signal. Traders suggest: set stop-loss at $935-$950, wait for Trading Volume to increase before adding positions, now is the defensive phase.
Monitor the $980 line; if it breaks, you need to reduce your position.
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BNB fell below the 1k threshold, Trading Volume 50% Slump
Yesterday, BNB fell from a high of $1,079 to $991, a drop of 7.8%, and is now stuck below $1,000. The trading volume in the last 24 hours plummeted by 17%, and the open positions in futures also declined by 4%, to put it simply, leveraged funds are retreating.
The technical outlook is not very optimistic: the RSI indicator is at 38, and the Bollinger Bands have touched the lower band. The key short-term support is at $980; if it cannot hold, it will test the range of $950-$935.
But don't be too pessimistic – the mid-term fundamentals are still bullish. This wave seems more like a short-term profit-taking, not a reversal signal. Traders suggest: set stop-loss at $935-$950, wait for Trading Volume to increase before adding positions, now is the defensive phase.
Monitor the $980 line; if it breaks, you need to reduce your position.