Binance Coin recently fell through its ascending triangle support but has since rebounded off the $650 levels for a pullback close to the broken triangle bottom.
Currently positioned around $670, BNB/USD finds itself testing critical Fibonacci resistance levels that could determine whether the bullish momentum continues or faces a temporary setback.
The most striking feature on the chart is the prominent ascending trend line that has been supporting price action since mid-May, which could now hold as resistance after the previous break lower.
From a Fibonacci perspective, the current price action for Binance Coin is approaching the 38.2% retracement level at $663.7, having already tested and spiked off resistance near the 50% level at $671.9.
The proximity to these key Fibonacci levels, combined with the 61.8% retracement at $677.8, creates a cluster of resistance that Binance Coin bulls must overcome to target the 100% extension at $697.1 or resume its drop if the ceiling holds.
The recent consolidation near current levels suggests that sellers are taking a breather before potentially mounting another wave lower to the swing low.
Bullish Moving Average Bias
The moving average configuration strongly supports the bullish Binance Coin narrative, with the shorter-term averages positioned above the longer-term ones, creating a supportive foundation for continued upside momentum.
The blue and red moving averages are trending higher, providing dynamic support levels that have coincided with the ascending trend line to create multiple layers of support. In addition, the gap between the moving averages is widening to suggest strengthening upside pressure.
What’s particularly encouraging from a technical standpoint is how Binance Coin has consistently found buyers whenever price has approached these moving average levels. This behavior suggests strong institutional or whale accumulation at these technical levels, providing confidence that the uptrend structure remains robust.
The MACD indicator appears to be in a constructive phase, with the histogram showing signs of building positive momentum despite the recent consolidation. Meanwhile, the Stochastic oscillator has been cycling between oversold and overbought territories, reflecting the healthy ebb and flow of buying and selling pressure that characterizes sustainable uptrends.
Critical Resistance Zone
Looking ahead, BNB faces a significant test as it approaches the confluence of Fibonacci resistance levels that could keep further gains at bay. A decisive break above the $677.8 level could trigger accelerated buying that targets the psychological $700 level and potentially the 100% Fibonacci extension at $697.1.
Conversely, failure to overcome this resistance cluster could result in a pullback toward the ascending trend line support, which currently sits around $650-655. Such a move would represent a healthy correction within the broader uptrend and could provide another attractive entry opportunity for momentum traders.
The technical setup suggests that Binance Coin is well-positioned for continued gains, provided it can successfully navigate the current resistance zone while maintaining support above the dynamic inflection points at the moving averages.