Binance Coin (BNB/USD) has mounted an impressive rally in recent weeks, decisively breaking through multiple Fibonacci resistance levels and confirming the strength of a long-term ascending trendline that dates back to early April.
Currently trading at $683.50, BNB has surged past the 0.5 Fibonacci level at $690.40 and appears poised for further gains.
Ascending Trendline Bounce
The 4-hour chart reveals a textbook ascending trendline that has been supporting BNB’s price action since the April 5 low of approximately $535. This trendline has been tested multiple times over the past six weeks, most recently in mid-May, with each touch resulting in a strong bounce. The consistency of these bounces underscores the trendline’s significance as a major technical support.
What’s particularly noteworthy is how BNB has accelerated its upward trajectory since breaking above the $635.30 level (the 0 Fibonacci level on the recent retracement) in early May.
The price surge gained further momentum after clearing the 0.382 Fibonacci level at $677.40, which had briefly acted as resistance. The recent break above the 0.5 Fibonacci level at $690.40 (though price has pulled back slightly to $683.50) suggests that buyers remain firmly in control.
The moving averages on the daily timeframe are aligned in a bullish configuration, with the 100 SMA (blue line) positioned above the 200 SMA (red line). Both moving averages are sloping upward, confirming the strength of the prevailing uptrend. Price is trading comfortably above both indicators, with the 100 SMA around $620 potentially serving as dynamic support on any retracements.
The price structure itself shows a series of higher lows and higher highs since early April, with each pullback finding support at progressively higher levels. This classic uptrend pattern, combined with the technical breakout above key Fibonacci levels, paints a bullish picture for BNB in the near term.
Sustained Buying Pressure
The momentum indicators are reinforcing the bullish outlook for Binance Coin. The stochastic oscillator is trending higher and approaching overbought territory, indicating strong buying pressure. While the oscillator’s proximity to the upper boundary suggests some potential for a short-term pullback, the overall trend remains firmly to the upside as long as price maintains above the ascending trendline.
Meanwhile, the MACD indicator displays a bullish configuration, with the blue line (MACD line) positioned above the orange signal line and the histogram bars expanding in positive territory. This MACD setup typically indicates increasing bullish momentum and often precedes extended price advances. The recent uptick in the histogram bars suggests that buying pressure is actually accelerating rather than diminishing.
From a Fibonacci perspective, having breached the 0.5 retracement level at $690.40, the next targets for bulls are the 0.618 Fibonacci level at $703.40, followed by the 0.764 level at $719.50. These levels represent potential resistance zones where profit-taking could occur. The 0.618 Fibonacci level in particular often serves as a critical decision point in retracement scenarios.
