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BNB Corrects Gains After Rally Amid Potential Support at $788
After a sustained rally, the BNB price has started to retrace from the $860 zone. Currently, it faces resistance near $820 and may decline further towards the $788 level of support. The price has fallen below $810 and the 100-hour simple moving average, indicating potential weakness. Nonetheless, a key bullish trend line with support at $800 is forming on the hourly chart, which could support a rebound. To initiate another upward move in the short term, BNB must stay above $788. If it fails to break above resistance at $820 and drops below $800, it might test support at $788, then potentially fall to $770 or even $750 if downside momentum persists.
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AI Analysis
The recent price action of BNB indicates a healthy correction following a significant rally to the $860 level. After failing to break through the $860 resistance, the coin entered a correction phase, ...
AI Recommendation
Investors should consider waiting for a clear confirmation of a rebound above $820 or a bounce from the $788 support level before entering new long positions. If the price breaks below $788, initiatin...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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