- CryptoTony’s bearish thesis hinges on the $668 resistance; until this level is reclaimed as support, the short-term trend remains firmly in favor of sellers.
- While the trend is bearish, BNB has found significant “Buy Walls” and institutional limit orders in the $600–$630 range, preventing a deeper capitulation.
- If BNB can successfully flip the $668–$675 zone, analysts predict a rapid “short squeeze” relief rally targeting $700 and potentially $760.
The volatile world of cryptocurrency, Binance Coin (BNB) continues to attract attention as it navigates a challenging market landscape. Prominent crypto trader CryptoTony recently shared an update on X, emphasizing a bearish stance on BNB until it reclaims the critical $668 level. BNB is trading around $612, reflecting a modest 0.5% increase in the last 24 hours but a concerning 1.86% decline over the past week, according to data from CoinGecko.
The Descending Wedge Breakdown: Charting the $612 Dip
CryptoTony’s analysis, accompanied by a daily chart from Bybit’s BNBUSDT perpetual contract, illustrates a descending wedge pattern that has broken downward. The chart depicts BNB’s price action from July 2025 through early 2026, showing an initial uptrend followed by consolidation and a sharp drop. Key support sits at approximately $665, with the price recently dipping to $612.7 amid reduced trading volume. An upward arrow on the chart suggests potential for a rebound, but Tony maintains caution, stating, “Until we reclaim $668 we are bearish.”
This sentiment aligns with broader market analyses. FXEmpire notes that BNB is compressing within a falling wedge, which could signal a bullish reversal toward $700 if confirmed. However, Phemex highlights the $600-$630 support zone as pivotal, warning that a failure here could lead to deeper corrections. CoinCodex predicts an average price of $630.55 for February 2026, with highs up to $675, representing a potential 9.4% gain from current levels.
Ecosystem Resilience: Token Burns and DeFi Utility
Factors influencing BNB include Binance’s ecosystem developments, such as ongoing DeFi integrations and NFT expansions, which bolster its utility. Yet, regulatory pressures and competition from platforms like Solana weigh on sentiment. U.Today reports BNB near local support at $613.80 on hourly charts, with risks of testing $600 if bearish momentum persists.
Longer-term forecasts are more optimistic. Changelly anticipates BNB ranging from $1,210 to $1,516 by year-end 2026, driven by token burns and adoption. For now, traders should monitor volume spikes and RSI indicators for signs of reversal. As CryptoTony’s view underscores, reclaiming $668 could flip the script, potentially igniting a rally. Investors are advised to exercise caution in this uncertain environment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
