Alright everyone, let's dissect this amazing $BNB chart to see what interesting insights we can find. $BNB is a foundational asset that always needs to be included in our long-term investment portfolio.
On the 1W timeframe, $BNB is showing extraordinary strength. After the recent correction, the price has precisely touched the upward trend support line combined with the horizontal support area at $785.63. This is a perfect technical bounce.
As long as the price holds above $785, the upward trend will continue to be reinforced. The next resistance is at the previous peaks, and the potential target in this cycle is set at $1,600.00. Fundamentally, $BNB is strongly supported by the Binance ecosystem, especially with the increasing demand for staking participating in Launchpool/Launchpad. Additionally, the quarterly coin burn (BNB token burn) continuously reduces supply, reinforcing the long-term price increase.
The strategy is clear: DCA (dollar cost averaging) in the current support zone (around $800-$900) to accumulate. This is a golden opportunity to increase positions.
Recommendation to hold and stack $BNB at Binance.
Anyone holding any altcoins, feel free to comment, and I will check the chart for you!
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