Short-term consolidation: BNB holds key support
BNB is currently stabilizing strongly in the $595-$600 range, showing slight consolidation in the short term. The price is currently around $602 and remains above the 100-hour moving average, indicating that buying pressure has not diminished. As long as it stays above $598, there is still hope for a rebound.
Rising channel established, $606-$610 serves as the first resistance zone
The BNB/USD hourly chart shows a clear rising channel taking shape, with the lower channel support resting around $600, indicating a healthy structure.
The short-term upward target is initially set at $606 (61.8% Fibonacci retracement level), followed by the previous high at $610. If this resistance area is successfully broken, the market may quickly test $620-$635.
Strong breakout path: Targeting $650?
If BNB can steadily break through $610 and stay above the $620 level, it will confirm a short-term head raise, and a stronger market may lead to further attempts to reach $650.
Especially in a generally strong market backdrop, with BTC and ETH steadily rising, BNB is expected to follow suit and catch up.
Pullback risk: Losing $600 or retesting $580
However, if the price encounters resistance before $610 and bullish momentum weakens, caution is warranted for short-term pullback risks. Key support levels to watch are $600 and $598; if it breaks below $598, it may revisit $592, and if this key level is also breached, BNB may drop to the $585-$580 area.
Technical indicators overview
Hourly MACD: Maintained in the bullish range, momentum gently increasing
Hourly RSI: Above 50, still neutral to slightly strong
Support levels to watch: $600, $598, $592
Resistance levels to watch: $606, $610, $620, $650
