$BNX $BNX $BNX

BNX/USDT Technical Analysis: A Bearish Breakdown

The BNX/USDT pair has recently experienced a significant bearish breakdown, with the price dropping below the crucial support level of $0.6385. This decline has intensified the downward trend, suggesting further potential for a price decrease.

Key Support and Resistance:

* Support: The immediate support level is now located at $0.6314. If the price breaks below this level, it could trigger a further decline towards the next support level at $0.6308.

* Resistance: The current resistance level is situated at $0.6426. A break above this level could signal a potential reversal of the downward trend.

Entry Strategy:

Given the current bearish momentum, a conservative approach would be to wait for a potential pullback to the $0.6314 support level before considering a short entry. A stop-loss order can be placed below the recent low to limit potential losses.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research or consult with a financial advisor before making investment decisions.

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