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BNBfinds itself at a pivotal moment as price action tightens between two critical technical zones. After a period of consolidation, the cryptocurrency is testing resistance near the 200-period moving average, hovering around the $653 mark. Meanwhile, support around the $640 level continues to hold firm, acting as a safety net for bulls trying to defend the current structure. 200 MA Acts As A Ceiling Against BNB Uptrend
According to Thomas Anderson in a recent X post, the M15 BNB chart reveals that the price is currently testing resistance around the $651.50 level, marked by a horizontal yellow line. Related Reading BNB Coils For Impact: Will $670 Crack Under Pressure? 2 weeks ago
This move follows a recent bounce off the ascending white trendline support, indicating that buyers are still defending the short-term uptrend. However, price action remains just beneath the 200-period moving average (red line), which is acting as a dynamic resistance zonenear the $653 mark. BNB eye breakout from ascending channel | Source: Thomas Anderson on X
Momentumindicators are offering mixed signals at the moment. The MACD continues to print negative values, showing that bearish pressure hasn’t fully dissipated, while the RSI has started recovering from previously oversold conditions. This combination suggests the potential for a short-term bounce within the ascending channel. M30 And H1 Charts Are Aligning
In an updated post, the analyst also went further to examine the BNB M30 chart, where price is currently trading at $650.10 and appears to be consolidating just below the 200-period moving average (red line) situated around the $653 level. This area is acting as a key short-term resistance zone, and price action has shown hesitation around it, reflecting a battle between buyers and sellers. Interestingly, the H1 chart mirrors this behavior, showing a broader ascending channel structure that suggests an underlying bullish bias, though still unconfirmed. Related Reading BNB Price Reclaims $600 — Is This the Start of a Major Upside Move? 1 month ago
The immediate resistance to watch remains near the $653 mark, aligned with the 200 MA on both the M30 and H1 timeframes. If bullscan muster enough strength to break and sustain above this level, it could trigger a fresh wave of upward momentum for BNB toward the next resistance at $657. This would represent a potential continuation of the ascending channel’s structure and hint at growing bullishcontrol in the short term.
On the flip side, if price fails to push above the $653 resistance, consolidation may begin to lose steam. In such a scenario, a retreat toward the previous swing low near the $640 level becomes likely. This supportarea has already proven its strength and could be the next level of defense if bearish pressure increases. Traders are watching closely, as these levels may determine BNB’s next directional move. BNB trading at $650 on the 1D chart | Source: BNBUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com