- BNB continues to trade above $606, a long-standing support zone that has flipped from resistance and anchors bullish sentiment.
- Indicators show neutral-to-bullish signals, with RSI near 56 and MACD positive but lacking strong momentum confirmation.
- A breakout above $650 with volume could propel BNB toward the $660–$674 range, setting the stage for a move toward $700.
Binance Coin (BNB) is maintaining its position above the crucial $606 support level, a price area that has consistently acted as a critical turning point on higher time frames. This level, previously tested as resistance, now serves as a firm support, with bulls defending the zone and preventing further downside pressure. The weekly chart reflects renewed interest from buyers around this area, suggesting that market participants remain active at this price range.
Over recent sessions, BNB has displayed resilience after a previous dip below $610, rebounding strongly and stabilizing above the $640 zone. The technical setup shows price action trending within a well-defined horizontal structure, bordered by the $606 support and the $645–$660 resistance zone. This range has historically determined medium-term trend direction, with either a breakout or breakdown signaling momentum shifts. The weekly candle formations indicate gradual accumulation as the price continues to float above the mid-range.
Resistance Levels and Indicators Suggest Consolidation
Currently, BNB trades near $648, showing consolidation just below immediate resistance at $650. Market indicators offer a neutral to slightly bullish signal. The Moving Average Convergence Divergence (MACD) remains positive, though momentum has slowed, as indicated by flattening histogram bars and a narrowing gap between the MACD and signal lines. Meanwhile, the Relative Strength Index (RSI) hovers near 56, suggesting moderate buying pressure without entering overbought territory.
The downplayed volume patterns suggest that there is no great sense of directional conviction in the short run. This, however, may be a sign that the asset is now in consolidation pre-breakout. The technical analysis shows that once the price gets above the $650 level on high volume, there will be a test of the level of $660-$674. A successful close above the range would open the path toward the $690 to $700, last seen when the rallies took place early in the year.
Perspectives and Potential Scenarios
The bulls are defending the support level of $606 and preserving the current structure, so BNB may attempt to move through the higher resistance areas in the following sessions. Conversely, a conclusive slump below 606 would alter the market dynamics and trigger a downfall to the areas of demand within the levels of 575-560 that buyers have shown interest in before.
