Binance Coin (BNB) is witnessing increased volatility, with its price experiencing an intraday pullback of 1.72%. Currently, BNB trades at $617, recording an impressive 11.39% return over the past seven days. However, despite this short-term recovery, technical indicators hint at a potential deeper correction. Could BNB’s price retrace further to $570? Let’s analyze the market trends.
BNB Price Struggles at $640 Resistance
The 4-hour chart reveals that BNB has staged a strong V-shaped recovery from the $531 level, breaking through a local resistance trendline. However, bullish momentum is facing stiff resistance at the crucial $640 supply zone, leading to a consolidation phase followed by a slight pullback.
At present, BNB’s price is testing the 50% Fibonacci retracement level at $617. A bearish crossover in the MACD and signal lines, coupled with the resurgence of negative histograms, indicates weakening bullish momentum. Despite this, the supertrend indicator maintains a bullish support line at $601.9, suggesting that buyers remain active.
The formation of three consecutive bearish candles reflects selling pressure, though the lower wick on the recent candle suggests strong buying interest at the 50% Fibonacci level. If volatility persists, BNB could test the psychological $600 mark in the near term.
BNB Chain Gains Traction
Despite fears of a pullback, the Binance Smart Chain (BSC) continues to show strong growth. A recent tweet by OKSE founder Elja Boom highlights key metrics reinforcing the bullish case for BNB:
- BSC ranks #1 in 24-hour DEX trading volume.
- Total Value Locked (TVL) has increased by 7% week-over-week.
- PancakeSwap, built on BSC, is now the top DEX by revenue over the past 24 hours.
- Increased bridging activity, particularly from Ethereum to BSC.
Currently, BSC’s TVL stands at $5.334 billion, reflecting a recovering DeFi ecosystem.
$BNB season is here? 👀
— Elja (@Eljaboom) March 17, 2025
– #BSC ranks #1 in 24-hour DEX trading volume.
– TVL +7% WoW.
– PancakeSwap is the #1 DEX by revenue in the last 24 hours
– Bridging to #BSC also increased
The Liquidity Pool Support Program is halfway through, some participants got listed on Binance… pic.twitter.com/oVMkbtNmcO
BNB Price Outlook: Key Levels to Watch
If network growth continues, demand for BNB could surge, pushing its price higher. A breakout above $640 could confirm a bullish trend, with Fibonacci levels suggesting potential targets at $672 and $717. However, failure to hold key support levels could see BNB retesting $595 and, in a worst-case scenario, $570.
Also Read: Mubarak Meme Coin Skyrockets 325% After Binance Founder CZ’s Surprise Purchase
Traders should watch the $640 level closely, as it remains the pivotal point for Binance Coin’s next major move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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