Binance Coin Faces Resistance While Support at $840 Remains Crucial
Binance Coin (BNB) is currently trading near $850, consolidating after briefly pushing above $855 earlier today. The move higher was met with selling pressure, pulling the token back toward its immediate support levels.
According to the latest market data, BNB is struggling to hold momentum after its sharp August rally, where it surged from the $720 support zone to recent highs above $900. The chart shows clear resistance around $880–$900, marked by repeated rejections in recent sessions.
“BNB has entered a consolidation phase after its strong recovery,” BITX analyst explained. “The $840–$845 zone is acting as a strong base, but sellers continue to cap upside momentum near $880.”
Technical analysis highlights that BNB successfully broke out of a descending channel pattern in June, igniting a multi-week rally. Since then, buyers have defended multiple support zones, with the $740 region serving as a critical accumulation area before the latest leg higher.
Currently, the token is fluctuating between the green support block near $840 and the red resistance zone near $880–$900. Traders suggest that a decisive move beyond either side will likely set the direction for the coming weeks.
Despite the near-term consolidation, BNB remains one of the top-performing major altcoins of the quarter, with nearly a 30% gain in recent weeks. Market sentiment is mixed, as participants weigh profit-taking by short-term traders against strong institutional and retail demand.
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.