Technical analysis by Zanzibar_Trading about Symbol BNB: Buy recommendation (7/10/2024)

🔸The BNBUSDT pair experienced a fall in price from $580 to $455 between July 3 and July 5, a 20% decrease in price following the Mt. Gox releasing $9 billion worth of BTC resulting in over $100M of leveraged positions getting liquidated. 🔹The bears pushed the price into the oversold territory which is the reason for the price rebound to $530. If the 200 MA that is currently holding the price up cracked, the bears can push the price back to $455 and from there to $396 and $340. 🔸But this depends heavily on the overall crypto market's performance, if the market conditions improved and the price stayed above the 200 MA the next resistance would be $590, $622, $637, $670 and $720. Zanzibar Trading