TLDR
- BNB price currently trading at $614.82, showing some recovery from the $595 support zone
- Technical analysis indicates BNB broke local support of $616.85 with potential for testing $600 area
- If recovery continues, BNB could aim for $622 and potentially test $632 resistance
- Failure to clear $622 resistance could lead to another decline toward $600-$595 support levels
- Mid-term outlook suggests possible correction to $500-$575 area if bearish pattern continues
Binance Coin (BNB) is showing signs of recovery after finding support near the $595 level, even as the broader cryptocurrency market experiences a downtrend. The third-largest cryptocurrency by market capitalization is currently trading at $614.82, reflecting market uncertainty as traders assess conflicting technical indicators.
The hourly chart reveals that BNB has broken below the local support level of $616.85. This technical breakdown suggests short-term weakness could continue. If the current decline persists, analysts expect BNB to test the critical $600 support zone by tomorrow.
BNB Price
On the daily timeframe, bulls have failed to maintain upward momentum following yesterday’s positive close. This failure to build on previous gains indicates potential exhaustion in buying pressure. The lack of follow-through from buyers could signal more downside in the coming days.
Technical indicators show mixed signals for BNB. The hourly MACD is gaining pace in the bullish zone, suggesting some positive momentum building. However, this contradicts other bearish patterns visible on longer timeframes.
BNB has been outperforming some competitors, showing a decent recovery above the $612 level. This performance stands out compared to Ethereum and Bitcoin, which have shown less strength during the same period.
A key resistance level has formed at $618, marked by a connecting bearish trend line on the hourly chart. This level, along with the 100-hourly simple moving average, presents a challenge for buyers attempting to push prices higher.
If BNB manages to gain momentum, it could face immediate resistance near $618. Beyond that, the next significant barrier sits at $622, corresponding to the 76.4% Fibonacci retracement level of the recent downward move from $632 to $595.
A clear break above $622 could open the path to $632, a level that represents a more substantial resistance zone. Successfully clearing this hurdle might trigger a larger rally toward $650, with potential to reach $665 if buying pressure intensifies.
On the downside, initial support can be found near $602. More substantial support exists at the $600 psychological level, with the main defensive line positioned at $595.
If BNB fails to hold the $595 support, the price could accelerate downward toward $588. Any further losses might initiate a larger decline targeting the $565 level as the next support zone.
From a mid-term perspective, analysts caution that it’s premature to make distant predictions. However, if daily price action closes near the lows with minimal recovery wicks, the correction could extend to the $500-$575 range.
Market observers note that BNB formed a base above $590 before starting its recent recovery. This base formation included moves above the $600 and $610 resistance levels, establishing short-term support zones.
The cryptocurrency managed to recover above the 50% Fibonacci retracement level of its recent downward movement. This technical achievement suggests some strength, despite the overall bearish market conditions reported by CoinMarketCap.
Trading volumes remain moderate, indicating cautious sentiment among investors. Many traders appear to be waiting for clearer directional signals before making substantial position changes.
For those tracking BNB price action, the coming days will be crucial in determining whether the current recovery attempt can gain traction. Key levels to watch include the $618-$622 resistance zone and the $595-$600 support area.
