BNB SWING LONG IDEA - ALTCOIN SEASON - BNB CHAIN
2024-11-06

BNB is one of the most stable coins in the crypto market. With Binance officially backing it, BNB is relatively safer compared to other altcoins.

Technical Analysis: The price hit and wicked into the monthly demand zone during the August 5th dump, showing a strong rejection and initiating an upward trend. This move established a weekly demand zone by breaking the weekly structure, and as it did so, it created a daily demand zone, which is a significant area for me.

Currently, the price is back into the daily demand and has reached the optimal trade entry zone according to the Fibonacci levels. I anticipate an upward movement from here in the coming days.

Targets: The initial target is $613-$619, with potential to reach the all-time high at $722.

Note: Watch out for the U.S. Presidential Election, as it may cause volatility with long wicks that could stop out positions.