After witnessing a back-to-back drop for six months, BNX found a solid support and exploded massively to a new monthly high. It has currently lost buzz due to slight rejection.
The past months painted a serious bearish scenario for BNX as it failed to push above the $1.7 level in the third quarter of 2024. Things got uglier as the crypto broke heavily below the key $1 level.
Losing over 80% from that key level, it found a threshold at $0.13 during a major market crash last week and hold that price level as temporal support. It bounced back and close that week on a strong note.
Continuing the positive actions this week, BNX surges consistently until the price hit $1 yesterday, retesting the broken key level as resistance. This marked a staggering 700% from the bottom, but the buying pressure has dropped due to a slight rejection.
A continuous increase above this key level should set the stage for a bigger growth in the future. In fact, this could bring a complete reversal in the bearish trend. Otherwise, the price may roll back to the bottom. A hold there should bring back bullish footings.
For now, the bulls are looking formidable while having an upper hand. If they lose control, the bears will likely resume pressure until they exhaust momentum.
BNX’s Key Levels To Watch
If the bulls overcome the $1 level, their next target resistsnce would be $1.4. The main resistance level to watch for a breakup is $1.7. It may tap $2 as new high.
The $0.78 and $0.46 levels are now consider as immediate support levels for a pullback. If they fail to hold well, the $0.27 level is the next to watch, followed by $0.18. The $0.13 level is holding well as support.
Key Resistance Levels: $1, $1.4, $1.7
Key Support Levels: $0.78, $0.46, $0.276
- Spot Price: $0.90
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.