1. Overall Market Picture BNB is trading in a narrowing wedge, which could potentially lead to either a breakout to the upside or a fall if the lower boundary is broken. The chart shows important resistance and support levels. 2. Support and Resistance Levels
Resistance:
$720–$740 – the zone where the price previously encountered sales coincides with the upper border of the wedge.
Support:
$360–$380 – a strong historical support level (highlighted in purple), which previously acted as a bounce point. The lower boundary of the ascending wedge – if broken, the price may test $500 and below.
3. Indicators
SAR (Parabolic SAR) at ~717.7 – indicates a potential downtrend.
Bollinger Bands: The middle line at $695 – the price is currently below, which may indicate weakness. The upper boundary at $730 – if the price reaches here, a downward bounce is possible. The lower boundary at $660 – if broken, a test of $620–$600 is possible.
4. Probable scenarios
Bullish scenario (rise above $720)
If the price breaks the resistance zone of $720–$740, a move towards $800–$850 is possible. A consolidation above the wedge will strengthen the momentum.
Bearish scenario (breakdown)
If the price drops below $660–$650, a decline to $600–$550 is possible. A downward break of the wedge will open the way to $500 and below.
5. Conclusion
While the asset is in an uncertain zone, it is important to watch the level of $660 (support) and $720 (resistance). If the price confidently settles above $720, one can expect a continuation of growth. In case of a downward break, it is advisable to consider a stop-loss around $650 and wait for a reaction at $600–$550.
Recommendation: Wait for confirmation of the movement direction before entering.