BNB/USDT Technical Analysis
On the chart, it can be clearly seen that there are two distinct ascending channels affecting the price of the coin—one of which is a wider major channel (blue), based on the tips of the wicks, while the other is a much narrower minor channel (orange), based on the candle bodies. It must be stated that both of these channels are crucial for determining price direction.
BNB is currently trading in an area where both the minor falling channel and the horizontal resistance level intersect. The price zone of $688 – $699 appears to be a strong resistance area that has been tested multiple times. If this zone is broken to the upside, the first major target will be the $734 level. If $734 is surpassed, the upper border of the major channel can be technically targeted.
On the other hand, the level of $658 could act as support if the price is rejected from the current resistance zone. Below $658, the next support levels to watch are $630 and then the stronger support of $620. A drop below these levels would signal a break of the minor channel and could push the price toward the lower border of the major channel.
Despite the positive outlook, price action in this region will be decisive for both short- and mid-term direction, as this is the zone where both channel and horizontal resistance meet.
Summary:
- Both the major and minor ascending trends are in effect.
- The price is testing the resistance zone at $688 – $699.
- If broken upwards, the first target will be $734 and potentially the upper border of the major channel.
- In case of a pullback, support levels to follow are $658 → $630 → $620.
- The channel patterns support a positive price outlook.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
