Binance Coin (BNBUSD) has been trading within a descending triangle since its December 2024 peak, suggesting that sellers have maintained control over the medium-term price action. The chart shows a series of lower highs and lower lows, confirming the bearish trend structure that has dominated price action for the past several months.
The descending triangle is clearly defined by the upper resistance trendline connecting the highs from December through April, while support has been established around the $550 level. BNBUSD recently tested this critical support zone, creating a potential double bottom formation that could signal a reversal if confirmed by a break above the neckline.
Currently trading at approximately $609.40, BNBUSD has rebounded from its recent low but remains well below the channel’s upper boundary. This price action suggests a potential bullish pullback within the context of the larger bearish trend.
BNBUSD Key Levels to Watch
Price is already retreating from the triangle top, setting its sights back on the support around $550. A break below this support zone could set off a drop that’s the same height as the chart formation, which spans $250.
On the other hand, a continuation of the climb past the triangle top around $650 could set off a rally that’s the same size as the descending triangle, potentially taking BNBUSD to its latest highs at $800 or higher.
Binance Coin Technical Analysis
The 100-day moving average (blue line) has crossed below the 200-day moving average (red line), forming a death cross that typically signals continued bearish momentum. Price is currently testing the 100 SMA from below, which could act as dynamic resistance around the $620-630 region.
The recent price action shows BNB struggling to maintain positions above both moving averages, indicating that bearish pressure remains significant. However, the convergence of both MAs in recent trading sessions might suggest decreasing bearish momentum.
The MACD indicator (12, 26, close) shows decreasing bearish momentum as the histogram bars have been getting smaller, although it remains below the zero line. The MACD line and signal line appear to be converging, potentially setting up for a bullish crossover if the current price recovery continues.
The Stochastic oscillator (14, 3, 3) has recently moved out of the oversold territory, suggesting that the immediate selling pressure has eased. However, it has not yet reached overbought levels, indicating there could be room for further upside in the short term before resistance is encountered.
Short-Term and Long-Term BNB Price Outlook
In the short term, BNB appears to be in a corrective phase within its larger downtrend. The rebound from $550 support could extend toward the identified Fibonacci levels, but the overall technical structure remains bearish as long as price stays below the descending channel’s upper boundary.
Traders should watch for reversal candlestick patterns at the mentioned resistance levels, which would suggest a resumption of the bearish trend. Conversely, a decisive break above the 50% Fibonacci level with increased volume could indicate a more substantial recovery is underway.
From a longer-term perspective, BNB needs to break and hold above the descending channel and the 200 SMA to signal a potential trend reversal. Until then, the technical evidence suggests treating bullish moves as corrective pullbacks within a bearish market structure.
The $550 support level remains critical – any break below this zone could accelerate selling pressure toward the psychological $500 mark. On the other hand, continual tests of this support without breaking it could eventually lead to a stronger recovery as bears exhaust their momentum.
