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BNB (BNBUSD) is facing difficulty rising above the key moving averages, suggesting that the bears may be attempting to take control of the market. Despite this struggle, the uptrend line is likely to act as strong support. As of the latest data, BNB is trading at $686.02, showing a slight decline of 0.14%.
If the price rebounds off the uptrend line and rises above the moving averages, the BNBUSDT pair could rally toward the next overhead resistance at $745. This could signal the continuation of the uptrend, with the bulls regaining control and pushing prices higher.
Alternatively, if BNB breaks and closes below the uptrend line, it would indicate a shift in market sentiment and suggest that the bulls have given up. In such a scenario, the price could experience a decline toward the strong support at $635, which could serve as a potential floor for the asset.
Trading Data (as of 12:37 PM, 24 January 2025 GMT-5):
- BNB (BNBUSD) Price: $686.02 (-0.14%)
- Market Cap: $97.745 Billion
- 24-Hour Volume: $1.91 Billion
- Circulating Supply: 142.48 Million BNB
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.