$BNX /USDT – MAJOR UPGRADE ON MARCH 18❗
#BNX is experiencing extreme volatility, dropping 15%, with a redenomination and upgrade set for March 18.
$BNX /USDT Heavy Sell-Off – Is a Rebound Possible❓
$BNX is currently trading at $0.9797 suffering a -14.96% drop in the last 24 hours. The price plummeted to a low of $0.8829 after failing to sustain above $1.30, triggering a significant sell-off. The recent announcement about its redomination and suspension on March 18 has increased volatility, leading to panic selling.
Key Levels to Watch
Resistance: $1.05 – A break above this could signal a short-term recovery toward $1.15.
Support: $0.88 – Holding this level is crucial to prevent further downside toward $0.80.
Trade Setup
Long Entry: If BNX reclaims $1.05, potential targets are $1.15 and $1.30.
Short Entry: Below $0.88, downside targets are $0.80 and $0.75.
Stop Loss: $1.02 for longs, $0.93 for shorts.
Market Insights
MACD: Bearish momentum increasing, indicating a possible continuation of the downtrend.
Parabolic SAR: Trend remains bearish, signaling caution for buyers.
Order Book: Buy 53.74% vs. Sell 46.26%, suggesting weak accumulation.
With upcoming changes to BNX, caution is advised. If a reversal occurs, it could be short-lived due to ongoing uncertainty. Monitor price action closely.