In the context of the cryptocurrency market showing signs of recovery, Binance Coin (BNB) is demonstrating significant strength by remaining stable above the support level of $605 and is preparing for a new price increase. With positive technical support, BNB may be on a journey towards the important resistance level at $1,000 in the long term.

BNB Is Building Recovery Momentum

After establishing a bottom around $600, the price of BNB has begun to recover strongly. The BNB/USD pair is currently trading above the $612 threshold and is above the 100-hour moving average, indicating that the short-term trend is leaning towards bullish.

Notably, an upward trend line has formed on the hourly chart, with support around $622. This is a positive sign indicating that the bulls are still in control and preparing for a new breakout.

Important Resistance Levels

Currently, BNB is facing resistance near $628 and a higher level at $630. If the price decisively surpasses $630, it could very likely trigger a new rally towards $642.

A stable close above $642 could pave the way for a stronger uptrend, bringing the price closer to the next resistance levels such as $650 and even $655 in the near future.

Risk of Correction If $630 Is Not Maintained

Conversely, if BNB cannot break through the resistance level of $630, the price may adjust back. The nearest support is in the $622 area. If this level is broken, the next important support will be $612 — which is also the 50% Fib level of the rise from $597 to $629.

If the price falls below $612, the risk of a deeper decline to $605 and $600 will increase.

Technical Indicators Supporting the Uptrend

  • Hourly MACD: Moving in the positive zone, supporting the uptrend.

  • Hourly RSI: Above 50, indicating that the uptrend is still in effect.

Conclusion

BNB is showing quite positive technical signals. Maintaining the support range of $612–$622 will be key to establishing a new uptrend. If it surpasses $630 and especially $642, the price of BNB could very well aim for higher levels in the short term, from $650 to $655.

In the long term, if the market continues to maintain recovery and strong capital inflow, the $1,000 mark could very well become the next target for the giant Binance.