BNX/USDT Keep an eye on the demand or support, Indicating Bounce

Mar 23

💎 BNX has recently experienced notable market dynamics, particularly as it faces significant resistance in its current price range. The rejection from this resistance suggests a potential retracement to the demand area around 0.424.

💎 If BNX demonstrates bullish signs at this demand level, such as a rejection of lower prices with bullish candle formations, there's a probability of a bounce back upward toward retesting the strong resistance area.

💎 However, if the demand area fails to provide sufficient support and instead shows signs of consolidation with weak volume, it could indicate weakness in BNX's price action. In such a scenario, there's a risk of BNX breaking down below the demand area and continuing its downward movement towards the support zone around 0.34 - 0.3.

💎 At the support level, it's crucial for BNX to bounce back and reclaim its position above the support area to maintain its upward movement. However, if the demand area fails to hold and support is broken, it would signal bearish sentiment for BNX, potentially leading to further price declines.