Technical analysis by CryptoSanders9563 about Symbol BNB: Buy recommendation (9/30/2024)

This BNB/USDT chart provides an update with a long trade setup.Binance Coin (BNB) is currently trading around $578.1, and it is retreating slightly after touching the resistance zone.Around $534.1, indicated by the following trendline, provides a potential bounce zone.The target resistance level is around $711.4, which suggests bullish potential for this long trade.The current price level of around $578.1 can be seen as an entry point for a long position, expecting the price to rise.As protection against downside risk, support lies just below the level of around $507.1.The green box highlights a target zone near $711.4, which offers a favorable risk-reward ratio if the price continues to move upwards.The chart also indicates a potential breakout from the descending trendline, with the yellow moving average suggesting upward momentum.The long setup expects the price to continue rising after this pullback, with the moving averages supporting the positive trend.Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.You can DM us for information on any other altcoin. @Peter_CSAdmin