Binance Coin eyes breakout as bulls regain momentum
Binance Coin (BNB) is showing signs of renewed strength after rebounding from a critical demand zone around $735–$740, according to recent price action. The asset is currently trading near $769, testing a short-term resistance that previously triggered a sharp rejection.
After a multi-week downtrend, BNB broke out of a descending channel in mid-July, leading to a strong upward rally that peaked above $850. However, the move was followed by a steep correction. The price found support in the green demand zone, which coincides with a previous consolidation range, hinting at institutional buying interest in that area.
“This kind of clean retest of a former resistance-turned-support zone is often a bullish continuation pattern, especially in altcoins like BNB,” commented BITX analyst .
The current technical setup shows a key resistance block between $775 and $785, marked in red on the chart. A confirmed breakout above this level, especially on strong volume, could pave the way for a retest of the $820–$840 range.
The volume profile shows elevated buying interest during the recent bounce, further supporting the possibility of an upward move. However, failure to break this resistance may result in a retest of the $740 support — a zone that has now been validated twice as strong buying ground.
“BNB needs to reclaim the $780 level decisively to maintain bullish momentum. Otherwise, short-term consolidation remains the most probable scenario,” a derivatives trader noted.
The broader crypto market context and BNB’s correlation with Bitcoin could also influence its trajectory. For now, BNB is at a technical crossroads, and the next few candles may determine whether bulls can sustain the recovery or if a deeper pullback awaits.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.